Mr. Raj, aged 38 years, an Indian citizen, is carrying on manufacturing business in Canada. He frequently visits India for business purpose on a…

Mr. Raj, aged 38 years, an Indian citizen, is carrying on manufacturing business in Canada. He frequently visits India for business purpose on a regular basis. He was in India for the first time in the year 2021-22 for 190 days, in the year 2022-23 for 145 days and in the year 2023-24 for 155 days. Afterwards he decided to close his business in Canada and shift permanently in India. So, he came to India on 1.11.2024 and started a business in Mumbai. His profits from business in Canada till 31.10.2024 is 15 lakhs and from Indian business is 5 lakhs. He does not own any house property in Mumbai and is staying in a rented accommodation from 1.11.2024 on a monthly rent of 20,000. He made a donation of 50,000 to PM Cares Fund and donation of 20,000 to Prime Minister's Drought Relief Fund by cheque during the P.Y. 2024-25. He had purchased 10,000, 9% debentures of ABC (P) Ltd. in August 2020 @150 each. Face value of each debenture is 100. He sold 2,500 debentures in April, 2024 @175 each and remaining 7,500 debentures in August, 2024 @155 each. Interest on debenture is due on 30th June and 31st December of every year. CII - F.Y. 2020-21: 301; F.Y. 2024-25: 363 Mr. Raj follows cash basis of accounting, and he wants to opt 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: