Mr. Phiri, a sole trader had tax adjusted business profits of K329,000 before taking into account the following income and expenses in the tax year 2020: Subscriptions to trade journals 7,500 Rent paid (gross) 52,000 Royalties received (net) 17,000 Debenture interest received (gross) 30,000 Management consultant fees (gross) 6,100 Donations to an approved public benefit organization 9,000 Capital allowances 70,000 Building society interest paid on a mortgage 4,100. 

Required: Calculate the taxable income for Mr. Phiri for the tax year end Dec 2020.