Balance sheet &sec44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 June 2015 respected sir,
sec 44ad provides imunity form maitainance of books of occounts under sec 44aa .we file form 4s when we opt sec.44ad .and there is colums in form 4s which requires details of sundry debtors ,creditors ,and closing stock.
please discuss ...once exempted from maitainance of books of occounts ,then what is the logic in asking detais of creditors and debtors and stock and is it leagally vallied in court of law .please disuss thank you

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 June 2015 yes it is legally valid and not under any constitutionality challenge currently.

further, maintaining books of accounts or not, if you as a business man dont know how much you owe and own, I wonder how you gonna do business!