Question No.1 is compulsory. Candidates are also required to answer any two questions from the remaining three questions. Working notes should form part of the respective answers. All questions relate to assessment year 2023-24, unless otherwise stated. Mr. Pramod, a resident aged 55 years, is a retail trader; he furnished the following information for A.Y. 2023-24: Trading and Profit and Loss Account for the year ended on 31.03.2023: ₹₹ To Opening Stock1,15,000By Sales70,80,000 Purchases55,40,000Closing Stock2,10,000 Transport charges1,20,000 Gross Profit c/f15,15,00072,90,000 72,90,00072,90,000 To Salaries3,40,000By Gross Profit b/f15,15,000 Rates and Taxes24,000Rent from H. Property1,80,000 Administrative Expenses3,25,000Rent from furniture1,20,000 Depreciation80,000 Net Profit10,46,000 18,15,00018,15,000 (1) All the sales are by account payee cheques or through bank transfers. (2) The opening and closing stocks have been over valued by ₹15,000 and ₹20,000 respectively. (3) Rates and taxes include GST liability of ₹5,000 paid on 01.05.2023 and municipal taxes for let out property ₹7,000. (4) Administrative expenses include ₹25,000 paid as donation to National Children's Fund, and a payment for laptop purchased on 15.05.2022 for ₹60,000 through bank transfer. (5) Transport charges include ₹30,000 paid in cash on 01.09.2022. (6) He incurred a loss of ₹8,000 on sale of equity shares on 10.02.2023, which were purchased on 10.06.2022. (7) Depreciation includes ₹1,200 as depreciation on Trade Marks wrongly charged at 15%. (8) He deposited ₹50,000 in PPF a/c and has paid life insurance premium ₹60,000. (9) He paid interest of ₹70,000 on loan availed in F.Y. 2017-18 for higher education of his wife. Compute the total income and the income tax payable by Mr. Pramod for A.Y. 2023-24, if, (i) The business profit is computed as per normal provisions and he opts for section 115BAC. (ii) He opts to compute business profit under presumptive taxation under section 44AD and does not opt for section 115BAC. (iii) The business profit is computed as per normal provisions of Income-tax Act and he does not opt for section 115BAC. Which option is advantageous to Mr. Pramod ?