Problem 10 - 2: The Profit and Loss Account of Mr. Y results net income of Taka 1,280,000 for the accounting year ended on June 30, 2019 as follows: Mr. Y Profit and Loss Account For the year ended on June 30, 2019 Debit Taka Credit Taka Salary 1,000,000 Gross Profit 3,000,000 Rates and Taxes 40,000 Interest on Less Tax 150,000 Rent of Premises 400,000 Govt. Securities 40,000 Fund Embezzlement 50,000 Bad Debt Recovered Donations 200,000 (disallowed earlier) 10,000 Bad debt 80,000 Fire Insurance Premium 50,000 Depreciation Expense --Machinery 40,000 Provision for bad & Doubtful Debt 60,000 Net Profit 1,280,000 3,200,000 3,200,000 Other Information: (1) Salary includes Taka 300,000 paid as perquisites for the year. (2) Fund embezzlement occurred during office hour on account of theft by an employee. (3) Donations are made to approved organizations under Paragraph 11B of Part B of the Sixth Schedule of ITO, 1984. (4) Tax depreciation amounts to Taka 50,000 Required: Compute the income from business or profession for the year ended on June 30, 2019