Income Tax Act, 1962 (Act 58 of 1962)
Chapter III: General Provisions
Part I: Returns
73A. Record keeping by persons who render returns (Repealed)
[Repealed by the Tax Administration Act, 2011 (Act No. 28 of 2011)].
|1)||A person who is required to render a return or who is not so required but has rendered a return must retain all records relevant to that return for a period of five years from the date upon which the return relevant to the last entry in those records was received by the Commissioner.|
|2)||For the purposes of subsection (1) ‘records’ include—|
|a)||ledgers, cash books, journals, cheque books, bank statements, deposit slips, paid cheques, invoices and stock lists and all other books of account; and|
|b)||any electronic representations of information in any form.|
relating to any trade carried on by that person in which are recorded the details from which that person’s returns for the assessment of taxes under this Act were prepared.
|3)||The records contemplated in subsection (1) must be retained in such form, including any electronic form, as may be prescribed by the Commissioner.|
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