Given below is the trading, profit and loss account of a sole trade organization for the previous income year. Particulars Amount Particulars Amount To Opening stock50,000By Sales5,200,000To…

Given below is the trading, profit and loss account of a sole trade organization for the previous income year. ParticularsAmountParticulars****AmountTo Opening stock50,000By Sales5,200,000To Purchase3,050,000By Closing stock300,000To Carriage on purchase30,000To Wages170,000To Gross profit c/d2,200,0005,500,000****5,500,000To Office rent paid50,000By Gross profit b/d2,200,000To salary250,000By Other receipts40,000To General expenses80,000By Dividend received10,000To Legal expenses20,000By Refund of custom duty30,000To Staff welfare expenses120,000By Bad debt recovered40,000To interest on bank loan130,000By Sales of scraps10,000To Fine and penalties10,000By Rent from staff quarter20,000To Life insurance premium (own)30,000By Gain on non - chargeable business assets30,000To insurance premium of fixed assets20,000By Gain on sales of business assets20,000To pollution control cost50,000To depreciation of fixed assets50,000To Membership renewal charges10,000To provision for dividend10,000To Donation to tax exempt entity20,000To Advance income tax paid20,000To Drawing by proprietor30,000To Net profit1,500,000Total2,400,000Total****2,400,000 Further information: a. Closing stock was undervalued by Rs. 10,000. b. Purchase include purchase of sofa set of Rs. 50,000. c. Legal expense include Rs. 10,000 penalty paid to Nepal Tele-communication. d. 40% of donation was given to a private school and rest was given to public school. e. Seventy percent of bad debts recovered were allowed previously. f. Allowable depreciation of all fixed assets Rs. 40,000. g. Unabsorbed business loss of last year stood Rs. 50,000. Required : a. Net (assessable) income from business. b. Statement of total taxable income c. Tax liabilities (Assume-Individual)