if I found any wrong answer I will down vote and will raise a complaint to chegg authority

increases the future benefits from the existing asset beyond its previously 3. Liability standard of performance has to be added to the actual cost. foregone by creditor chargeable as business income but not credited to 4. Sale proce loss account [taxable under section 41(1)] or gains taxable import entitlements. The sale of the rights gives rise to profits credited to profit ander section 28(iiia). As the amount has already been Less: Amount not debited to profit and loss account but allowable as deduction 5. Expenditure on in-house research and development is entitled to a deduction of 100% of the expenditure (both capital and revenue) so incurred under section 35(2AB)(1)=2 lacs 100%=2 lacs Expenditure of 2,00,000 has already been debited to Profit \& Loss Accoun therefore no adjustment is required. Taxable Income Question 26 ILT Limited is engaged in manufacturing of pipes and tubes. The profit and loss account of the company for the year ended 31st March, 2022 shows a net profit of 405 lacs. The following information and particulars are furnished to you. You are required to compute total income of the company for Assessment Year 2022-23 indicating reasons for treatment of each item. during the financial year 2021 provided by a supplier for reaching a certain volume of purchase 2021 and credited to (ii) A regular supplier of raw materials agreed for settlement of 8 lacs instead of 10 lacs for poor quality of material supplied during the previous year which was not given effect in the running account of the supplier. (iii) Andhra Bank sanctioned and disbursed a term loan in the financial year 2018-19 for a sum of 50 lacs. Interest of 8 lacs was in arrears. The bank has converted the arrear interest into a new loan repayable in 10 equal instalments. During the year, company has paid 2 instalments and the amount so paid has been reduced from Funded Interest in the Balance Sheet. (iv) The company remitted 5 lacs as interest to a company incorporated in USA on a loan taken 2 years ago. Tax deducted under section 195 from such interest has been deposited by the company on 15th July, 2022 . The said interest was debited to profit and loss account. (v) Sandeep, a sales executive stationed at HO at Delhi, was on official tour in Bangalore from 31st May, 2021 to 18th June, 2021 and 28th September, 2021 to 15th October, 2021 for the business development. The company has paid Sandeep's salary in cash, from its local office at Bangalore for the month of May, 2021 (payable on 1st June) and September 2021 (payable on 1st October), amounting to 45,000 and 47,000 respectively (net of TDS and other deduction), as Sandee has no bank account at Bangalore. These were included in the amount of "salary" debited Profit and Loss Account. (vi) The company has contributed 50,000 by account payee cheque to an electoral trust and same stands included under the head "General Expenses