1961 Mavi ILLUSTRATION 8. Savit and Mavit are partners in a firm assessed uls 184 of Income tax N5 PROFIT AND LOSS AC for the year ending 31-3-2012 Canal expenses 2.00.000 Gross profit 5.00.000 Strics to start 30,000 Refund of sales tax allowed earlier 50.000 Salary to Savit 1.50,000 Rent from House property 72.000 Salary to Mavir 1,00,000 LTCG on Jewellery 1,00,000 reston capital ist 18.000 15.000 33,000 Denation to DAV College Managing 20,000 Committee (approved w's 80G) Net profit 1.89.000 7.22,000 7.22.000 Additional Information : Salary and Interest to partners have been paid as per deed. (1) General expenses include 40,000 as cost of computer installed in August 2011 ) Rent from house property includes rent of vacant plot of firm leased out 62.000 pm (iv) Jewellery had been given to firm by Mavir as his capital contribution Calculate (a) Total Income and Tat Liability of firm, (b) Business Income of partners