Section 33Sec./Art. 33

Section 235 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:

"Section 235. Preservation of Books of Accounts and Other Accounting Records. - All the books of accounts, including the subsidiary books and other accounting records of corporations, partnerships, or persons, shall be preserved by them for a period of five (5) years reckoned from the day following the deadline in filing a return, or if filed after the deadline, from the date of filing a return, or if filed after the deadline, from the date of the filing of the return, for the taxable year when the last entry was made in the books of accounts. The said books and records shall be subject to examination and inspection by internal revenue officers: Provided, That for income tax purpose, such examination and inspection shall be made only once in a taxable year, except in the following cases:

x x x."