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Section 44ad

This query is : Resolved 
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08 August 2012 The assesee has the turnover of 40 Lakhs and he shows his income Rs.3 Lakhs 20 Thousand i.e. 8% on his turnover.
What if the assesee's actual income is Rs.5 Lakhs??
Would the extra 1 Lakh 80 thousand be black money?
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Naresh Kansala

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Naresh Kansala (Expert)
08 August 2012 8% is minimum % of income for which u are assessed if u opt for presumptive u/s 44AD. u can show more if you are okay with that.
its not consider as black money.
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