Section 1
SECTION 1. All corporations, companies, partnerships, or persons required by law to pay internal-revenue taxes shall keep a journal and a ledger, or their equivalents: Provided, however, That those whose gross quarterly sales or receipts do not exceed five thousand pesos shall, at their option, be exempt from the requirements of keeping the books above mentioned, but unless they do keep the same, they must keep the internal-revenue sales and purchase books and other records prescribed by the Bureau of Internal Revenue and any other additional data that the Secretary of Finance or the Collector of Internal Revenue may require by rules and regulations and which may be necessary for the accurate determination of the amount of taxes due the Government.