Mr. Kamal furnish the following income details of previous income year. Rent from natural resources of Rs 425,000 (Net). Royalty income Rs 85,000 (Net). Dividend from the foreign country Rs 100,000.…

Mr. Kamal furnish the following income details of previous income year.

• Rent from natural resources of Rs 425,000 (Net).
• Royalty income Rs 85,000 (Net).
• Dividend from the foreign country Rs 100,000.
• Compensation received Rs 63,000.
• Bad debts recovered (20% not allowed previously) Rs 10,000.
• Interest received from private money lending transaction Rs 170,000 (Net).
• Gain from the investing insurance Rs 190,000 (Net).
• Rent received for letting machinery Rs 360,000 after TDS Rs 40,000.
• Income from joint investment Rs 100,000. Mr. Jhalak is the investment partner with 20% share.
• Interest from the fixed deposit Rs 20,000 (Net).
• Gift from the client with market value Rs 9,000.
• Wind fall gain Rs 15,000 (Net).
• Payment received from the natural resources after TDS Rs 8,500.

Following expenses are claimed for deduction:

• Cost of lottery ticket Rs 500.
• Joint investment expenses Rs 10,000.
• Royalty collection charge Rs 4,000.
• Allowable depreciation of machinery Rs 20,000.
• Rent paid for office Rs 42,000.
• Personal expenses Rs 20,000.

Required: (a) Net assessable income from investment (b) Statement of total taxable income (c) Tax liabilities