tax on income from business

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  1. mk420

    mk420 New Member


    I had done a business during 2014-15 from which substanital gain was made. Further the profit from the business was deposited to my saving bank account in 2014-15.The total amount is close to 16 Lakhs.

    Further very less profit was made from the same business.The gain made happens to be below exemption limit during 2015-16 Also very little money is withdrawn from that bank.
    As i am saving it to buy an agricultural land in May 2016.

    I approached a CA to assist me in the return filing process. He told me that he would file the return for 2014-15 and also advised me to take out most of the money from the bank account before 31th march 2016 as it would create problem of "cash shortage" later.

    Doing so wouldn't create problem in filing income tax return for 2015-16. I couldn't understand his logic.

    Is it the right thing to do?

    How should i proceed?

    Any help in this regard will be highly appreciated

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