PROJECT Prepare a detailed project report on "Income from Business" & "Tax Credits" under the provisions of Income Tax Ordinance, 2001. Please discuss and incorporate the admissibility of each of the given information to focus arcas in your report. Feel free to use short practical examples & assumptions wherever required. (10 marks) D-Electronics Ltd (DL) is engaged in the manufacture, import and sale of electronic appliances for the past twenty years. While reviewing the company's tax provisions, you noticed the following amounts appearing in the tax calculation for the year ended June 30, 2022. 1. Expenditure of Rs. 450,000 on promotion of a product which is expected to generate revenue for twelve years. 2. Bad debt in respect of a staff loan, Rs. 25,000 3. Reimbursement of expenses of Rs. 300,000 to DI. by the parent company. This amount was incurred by CL in 2018 on marketing a new product imported from Dubai. Income of commercial importer was subject to final tax regime in tax year 2018. 4. Initial allowance of Rs. 4,000,000 on a used equipment acquired locally from MSD Limited. 5. Financial charges amounting to Rs. 100,000 and depreciation amounting to Rs. 200,000 on a vehicle acquired on finance lease from Radish Leasing Lease rentals paid during the year amounted to Rs. 400,000. The principal cost of finance leased motor vehicle not plying for hire is within maximum upper limit of Rs. 2,500,000 One of the employees of D-Electronics Ltd (DL) Mr. Lohana made the following donations during the income year 2021-2022 6 Rs.200,000 in cash to a relief fund sponsored by the Government 7. Personal car to an institution approved as non-profit organisation. This car was purchased by Mr. Lohana four years ago at the cost of Rs. 800,000. The fair market value is Rs. 600,000. & Medicines to a private hospital purchased at the total cost of Rs.100,000. Please assume Mr. Lohana taxable income for the relevant tax year has been assessed at Rs. 8,000,000