(a) Shisir furnished you following particulars of income and expenses for the previous income year. i. Income from profession Rs. 200,000 ii. Mining rent (natural resources after TDS) Rs. 510,000…

(a) Shisir furnished you following particulars of income and expenses for the previous income year. i. Income from profession Rs. 200,000 ii. Mining rent (natural resources after TDS) Rs. 510,000 iii. Lottery income received after TDS Rs. 25,000 iv. Gifts & present received in respect of investment Rs. 100,000 v. Birthday gifts received Rs. 5,000 vi. Dividend received foreign and domestic country Rs. 50,000each vii. Rent from building Rs. 100,000 viii. Rent received from property after TDS Rs. 180,000 ix. Gain on sales of vacant agriculture land Rs. 120,000 x. Interest received from saving deposit Rs. 42,500 xi. Interest received from local money transaction Rs. 60,000 He claimed the following expenses to deduct. i. Collection charge related with natural resources Rs. 10,000 ii. One and half month equal commission paid to agent for natural resources. iii. Other allowable investment related expenses Rs. 45,000 iv. Insurance premium of building Rs. 6.000 v. Donation paid to red cross society amount Rs. 20,000 Required: a. Net assessable income from investment b. Statement of total taxable income (b) State the business on which additional depreciation (1/3 of the depreciation base) is allowed as per Income Tax Act. 2058