Mr. Sambhav (aged 48 years) furnishes the following particulars for the previous year 2023-24 in respect of an industrial undertaking established in…

Mr. Sambhav (aged 48 years) furnishes the following particulars for the previous year 2023-24 in respect of an industrial undertaking established in "Special Economic Zone" in March 2018. It began manufacturing in April 2018. Particulars (₹) Total sales 85,00,000 Export sales [proceeds received in India by 30.9.2024] 45,00,000 Domestic sales 40,00,000 Profit from the above undertaking 20,00,000 Export Sales of F.Y. of 2023-24 include freight and insurance of 5 lakhs for delivery of goods outside India. He received rent of 30,000 per month for a commercial property let out to Mr. Akash, a salaried individual. He earned interest on savings bank A/c of 15,000 and interest on Post Office savings A/c of 7,000 during the P.Y. 2023-24. Mr. Sambhav has shifted out of the default tax regime under section 115BAC. Based on the facts of the case scenario given above, choose the most appropriate answer to the following questions: