Sagar LLP is an LLP unit set up in Special Economic Zone (SEZ) in the financial year 2018-19 for manufacture of textiles. The unit fulfils all the…

Sagar LLP is an LLP unit set up in Special Economic Zone (SEZ) in the financial year 2018-19 for manufacture of textiles. The unit fulfils all the conditions under section 10AA of the Income-tax Act, 1961. The details of this unit for the financial year 2023-24 are given: Particulars ₹ Profits of unit located in SEZ 58,00,000 Export sales of above unit received in India in convertible foreign exchange on or before 30.9.2024 1,00,00,000 Domestic sales of above unit 60,00,000 Sagar LLP has three partners, Mr. Ram, Mr. Shyam and Mr. Ganesh. Mr. Ram and Mr. Shyam are working partners while Mr. Ganesh is a non-working partner. All the three partners are receiving remuneration of 1 lakh per month from the LLP which is already debited to the profits and loss account of the LLP. Apart from this, Mr. Ganesh was employed in XYZ Ltd. till 30.9.2023 and having a salary of 80,000 per month. He resigned then and decided to start his own business. He set up a warehousing facility in Pune for storage of agricultural produce, fulfilling the conditions for claim of deduction under section 35AD. Capital expenditure in respect of warehouse amounted to 90 lakhs (including cost of land 30 lakhs) was incurred during the P.Y. 2023-24. The warehouse became operational with effect from 1st December 2023. The profit from operation of warehousing facility (before considering deduction under section 35AD) during the F.Y. 2023-24 is 1,10,00,000. He pays lumpsum premium of 90,000 towards health insurance for self and his wife (age 43 years) for 36 months on 01.10.2023 by account payee cheque. He also contributes - 1,50,000 towards PPF. From the information given above, choose the most appropriate answer to the following questions –