Mr. Basnet furnished the following particulars of his incomes and expenditures for the previous year. ➤ Royalty from the books Rs 68,000 (net). ➤…

Mr. Basnet furnished the following particulars of his incomes and expenditures for the previous year.
➤ Royalty from the books Rs 68,000 (net).
➤ Dividend from the resident company Rs 95,000 (net).
➤ Compensation received Rs 60,000.
➤ Bad debts recovered (20% not allowed previously) Rs 20,000.
➤ Interest received from unrecognized sector Rs 300,000.
➤ Gain from the investing insurance Rs 190,000 (net).
➤ Amount received for accepting of restriction – investment Rs 50,000.
➤ Rent received for letting out machinery Rs 360,000 (net).
➤ Joint investment income total Rs 200,000. Mr. Thapa is the investment partner with 40% share.
➤ Gain from the government securities Rs 20,000 (net)
➤ Gift from the client with market value Rs 10,000.
➤ Wind fall gain Rs 15,000 (net).
➤ Interest received from bank Rs 95,000 (net).
➤ Payment received from the natural resources after TDS Rs 255,000.

Following expenses are claimed for deduction:
➤ Cost of lottery ticket Rs 1,500
➤ Natural resources collection charge Rs 5,000
➤ Royalty collection charge Rs 8,000
➤ Allowable depreciation and repair of machinery Rs 50,000 and 10,000 respectively
➤ Remote area facilities as per rules, his location lies in remote area 'C'
➤ Life insurance premium of his own Rs 45,000
➤ Rent paid of office Rs 40,000
➤ Donation paid to public school of Rs 25,000
➤ House insurance premium paid Rs 12,000
➤ Medical expenses incurred of his own Rs 10,000. He claimed medical tax credit.
➤ Previous year investment loss Rs 50,000

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