Ebanks, Brown, and Thomas are partners. They carry on a business jointly as EBT surveyors and share profits and losses in the ratio 25:45: 30.

The trading account profit as at 31 December 2021 was $6,500,000 after charging a nominal tax of $750,000.

Notes:

1. The partners receive interest on their capital accounts at 9.5 % on the balance of their partner capital at the end of the budget year. The interest on the capital account was not included in the income statement.

2. Include in the income statement is $80,000 salary per month for each partner.

3. The partnership paid motor vehicle expenses for vehicles owned by the partners as follows:

- Ebanks -$ 50,000

- Brown - $80,000

- Thomas - $130,000

The partners did not use the vehicles for the partnership business.

4. Profit on disposal was $180,000.

5. Depreciation on plant and machinery for the year was $900,000.

6. In recognition of the new IFRS 9 standard, a provision for bad debt of $75,000 was made. This represents a % of the business year end receivable balance.

7. A portion of bad debt written off in 2020 for a debtor who was experiencing cashflow issues was paid. This amount was $270,000. This was not recognized in the 2021 income statement.

8. The business has a policy to write off small equipment valuing under $100,000 in the income statement. For the year 2021, the total for small equipment written off in the income statement was $325,000.

9. The income incurred fines of $70,000 for breaching the Surveyors Board polices and rules.

10. As at 31, December 2021, the partners capital was Ebanks -$5,000,000, Brown $3,000,000 and Thomas $2,000,000.

11. PAYE of $200,000 was deducted from the salaries of each partner.

12. It is estimated that drawings by each partner was $500,000 per annum.

13. The business donated $450,000 to an entity on CTA s approved list and $600,000 to a political party.

14. Brown received gross interest income on a fixed deposit at the bank accounting to $250,000. The tax deducted at source was $ 6,250.

15. Ebanks receives Net Rental income of $3,000,000 per annum.

16. Thomas received $7,000,000 for consultation services.

17. Details of fixed Assets:

Details	Cost as at 31 Dec, 2021	NBV as at 31 Dec, 2021	Tax Written Down Value as at 1 Jan, 2021
Motor Vehicles	10,000,000	7,200,000	7,000,000
Equipment	15,000,000	12,000,000	6,713,335
Office Buildings	45,000,000	36,000,000	36,450,000

- Included in the cost of motor vehicle is a lorry purchased on 1 April 2021 for $2,000,000.

18. Included in the income statement interest relating $800,000 relating to a VAT refund in 2020.

19. Each partner paid quarterly estimated tax of $600,000.

20. The business is within the first 3 years of trade.

21. The partners each contribute to 5% of their taxable income to an approved pension funds.

22. All currencies are in TT$.

Required

Compute each persons income tax payable/ refundable e for year of assessment 2021 for each partner on the assumption that the business and the tax partners are tax resident in Trinidad and Tobago. (Ignore all other statutory taxes, except National Insurance)