Mr. Islam is a gazette freedom fighter in Bangladesh and currently, he is working as an associate professor at a private university in Bangladesh. For the assessment, his income of the year 2019-2020 is given below: Income from salary: on July, 2019, basic salary (B.S) Tk. 90,000 in the scale of 78,000-4,000*10-118,000. His date of yearly salary increment is on 23rdJanuary. He received medical allowance of Tk. 4,000 per month. He contributes 10% of his basic salary to recognized provident fund. His employer also contributes the same. He has been provided with a quarter for which 15% B.S. is deducted. He has been provided conveyance allowance Tk. 5,500 per month. Income from interest on securities:15% tax free govt. securities to the extent of Tk.80,000. 

Income from interest on taxable govt. securities Tk. 9,500. 11.375% taxable government securities to the extent of Tk. 160,000. Income from interest on approved commercial securities(debenture) Tk. 19,000 and 15% commercial debenture to the extent of Tk. 300,000. Total taxable income from house property is Tk. 4,20,000. Income from agriculture: He has agricultural income from the sale of paddy Tk. 82,000 and from the sale of jute Tk. 46,000. On the other hand, he has also received Tk. 31,000 as a landlord. He did not keep proper accounts of cost of production but has maintained proof of the following expenses: interest on borrowed capital Tk. 4,000; maintenance of irrigation work Tk. 6,000 and process cost Tk. 5,200. His other income includes: income from rent of a building solely used for business purpose Tk. 4,200; income from rubber garden Tk. 32,000; income from the sale of honey Tk. 3,300; income from the sale of fishes from pond Tk. 14,000. Income from business and profession: He is a Homeopathic practitioner and he received Tk. 24,000 from this practice as visit fee; income from his departmental store Tk. 90,000. Loss on fast food business Tk. 23,000. He has sold a car (which was purchased very recently) by Tk. 340,000; cost Tk. 330,000 and book value Tk. 315,000. He has loss on speculative business of this year Tk. 3,700. 

Income from Wife’s property (She does not submit tax return)Tk. 40,000. His income from registered partnership firm during the year Tk. 100,000. Other income: Dividend from a private limited company Tk. 18,000; interest on savings account Tk. 2,700; prize of lottery Tk. 40,000; income from a private university as a part-time lecturer Tk. 122,000; income from the remuneration of director Tk. 114,000; and income from royalty Tk. 58,000 (there were no TDS). He has foreign property from which he received Tk.90,000 as foreign income through remittance. During the year he incurred the following expenses: 

During the year he spent Tk. 18,00,000 to purchase a flat in the Malibug area and the source of Tk. 4,00,000 of that expenditure remained unexplained to the DCT. Insurance premium- spouse (policy value Tk. 40,000) Tk. 4,500; Education expense of son Tk. 4,000; Household expenses Tk. 18,000 per month; Donated to recognized fund Tk. 15,000; Purchased of savings certificate Tk. 124,000; Purchased of company 10% debenture (1st time acquisition) Tk. 100,000; Donated to Sir Salimullah Muslim Orphanage Tk. 5,000; Purchased share from an unlisted company Tk. 25,000; Page 5 of 5 Purchased share of a listed company from Dhaka Stock Exchange Tk. 30,000, and Advance payment for expenses Tk. 10,000. 

Required: 

Calculate total taxable income, gross tax liability, and net tax liability of Mr. Islam for the assessment year. Assume that during the income year his total net asset amount was Tk.5.5 crore.