Mr. Basnet furnished the following particulars of his incomes and expenditures for the previous year. ➤ Royalty from the books Rs 68,000 (net). ➤ Dividend from the resident company Rs 95,000 (net).…

Mr. Basnet furnished the following particulars of his incomes and expenditures for the previous year. ➤ Royalty from the books Rs 68,000 (net). ➤ Dividend from the resident company Rs 95,000 (net). ➤ Compensation received Rs 60,000. ➤ Bad debts recovered (20% not allowed previously) Rs 20,000. ➤ Interest received from unrecognized sector Rs 300,000. ➤ Gain from the investing insurance Rs 190,000 (net). ➤ Amount received for accepting of restriction – investment Rs 50,000. ➤ Rent received for letting out machinery Rs 360,000 (net). ➤ Joint investment income total Rs 200,000. Mr. Thapa is the investment partner with 40% share. ➤ Gain from the government securities Rs 20,000 (net) ➤ Gift from the client with market value Rs 10,000. ➤ Wind fall gain Rs 15,000 (net). ➤ Interest received from bank Rs 95,000 (net). ➤ Payment received from the natural resources after TDS Rs 255,000.

Following expenses are claimed for deduction: ➤ Cost of lottery ticket Rs 1,500 ➤ Natural resources collection charge Rs 5,000 ➤ Royalty collection charge Rs 8,000 ➤ Allowable depreciation and repair of machinery Rs 50,000 and 10,000 respectively ➤ Remote area facilities as per rules, his location lies in remote area 'C' ➤ Life insurance premium of his own Rs 45,000 ➤ Rent paid of office Rs 40,000 ➤ Donation paid to public school of Rs 25,000 ➤ House insurance premium paid Rs 12,000 ➤ Medical expenses incurred of his own Rs 10,000. He claimed medical tax credit. ➤ Previous year investment loss Rs 50,000

Required: (a) Net assessable income from investment (b) Statement of total taxable income (c) Tax liabilities [5+3+2]