Given below is the trading, profit and loss account of a sole trade organization for the previous income year.

Amount	Particulars	Amount
50,000	By Sales	5,200,000
3,050,000	By Closing stock	300,000
30,000
170,000
2,200,000
5,500,000	Total	5,500,000
50,000	By Gross profit b/d	2,200,000
250,000	By Other receipts	40,000
80,000	By Dividend received	10,000
20,000	By Refund of custom duty	30,000
120,000	By Bad debt recovered	40,000
130,000	By Sales of scraps	10,000
10,000	By Rent from staff quarter	20,000
30,000	By Gain on non - chargeable business assets	30,000
20,000	By Gain on sales of business assets	20,000
50,000
50,000
10,000
10,000
20,000
20,000
30,000
1,500,000
2,400,000	Total	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:

Taxation in Nepal