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?
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.
CAclubindia
