Records to keep for Form B
How long must I keep receipts for my business?
The situation
Business records must be kept for 7 years from the end of the year they relate to.
The law
- Sec 77, Income Tax Act 1967: Individuals furnish a return each year: Form BE by 30 April, Form B by 30 June
What it means for you
Keep invoices, receipts, bank statements and asset records. Digital copies are fine if readable. LHDN can ask for them in an audit. Records also support capital allowance claims and refunds. Missing records can lead LHDN to disallow expenses and add penalties in an audit.
What to do
- Scan receipts monthly.
- Back up files.
- Keep for 7 years.
- Organise by year.
We can do this for youForm B for business, freelance and partnership income: MYR 450