Following is the summarized statement of cash concerning class 'B' registered auditor for the previous year. Receipts and Payment Account Dr.Cr.ReceiptsAmount RsPaymentsAmount RsTo Balance…

Following is the summarized statement of cash concerning class 'B' registered auditor for the previous year. Receipts and Payment Account Dr.Cr.ReceiptsAmount RsPaymentsAmount RsTo Balance b/d40,000By Office expenses150,000To Consultation fees280,000By Office rent72,000To Audit fees350,000By Salary to assistant84,000To Interest from bank deposit (net)28,500By Life insurance premium (self)16,000To Income from writing article27,000By Household expenses42,000To Interest on investment40,000By Balance c/d421,000To Sale of old newspaper2,000To Dividend from resident Co.17,500785,000785,000 Additional information: Consultation fees include Rs. 25,000 relating to next year. Audit fees include Rs. 40,000 related to previous years. Donation to exempt organization Rs. 15,000 not included in above statement. Allowable depreciation Rs 10,000. Required: a. Net assessable income profession b. Statement of taxable income [3+2]