Mr. Naveen, aged 40 years, is engaged in the manufacturing business. He follows mercantile system of accounting. The details pertaining to his…

Mr. Naveen, aged 40 years, is engaged in the manufacturing business. He follows mercantile system of accounting. The details pertaining to his business for the year ending on 31.3.2024 is as under Particulars Amount (₹) Capital receipts 1.20 crores Turnover 2.80 crores Amount received in cash [out of turnover] 8 lakhs Amount received in cash [out of capital receipts] 2 lakhs Amount received through account payee cheque/ NEFT and other prescribed mode on or before the specified date under section 139(1) [out of turnover] 2.50 crores Total payment 1.60 crores Cash payment [out of total payments] 9 lakhs Net profit as per books of account 10.50 lakhs An analysis of profit and loss for the year ended on 31.3.2024 revealed the following information 1. Salary incudes wages of 15,000 p.m. each paid to 1 security guard, 2 housekeeping staff in cash. 2. Other administration expenses include - 70,000 paid in cash (Payment in a day is less than - 8,000). 3. Interest charges includes interest payable on loan to Kamal of 70,000 on which TDS has not been deducted. Loan was taken for the business purpose. On the basis of the facts given above, choose the most appropriate answer to Q.1 to Q.5 below -