Question No.1 is compulsory. Candidates are also required to answer any two questions from the remaining three questions. Working notes should form part of the respective answers. All questions relate to assessment year 2022-23, unless otherwise stated. Mrs. Nisha, a resident individual aged 54 years, is carrying on business of manufacturing of textile fabrics, as a proprietor. The turnover in the previous year 2020-21 was ₹250 lakhs and in the current previous year 2021-22, it is ₹ 600 lakhs. The net profit as per the profit and loss account as on 31-03-2022 is ₹5,61,000. She provides the following additional information those were not considered while making the profit and loss account for the previous year 2021-22. (i) Depreciation has not been debited to profit and loss account. The details of the plant & machinery employed in the business are given as under: DatePARTICULARSAMOUNT 01-04-2021Opening written down value of machinery used for manufacturing purpose4,75,000 03-07-2021New machinery purchased during the year, payment made by an account pay cheque.7,25,000 10-03-2022Sold one of the old machine75,000 She does not have any other fixed assets employed in the business. (ii) Received subsidy of 20% on new machine purchased on 03-07-2021 during the previous year under technology upgradation fund Scheme from the Central Government. (iii) She paid a job charges for the value addition on the fabrics ₹90,000 without deduction of tax to job worker by an account payee cheque. (iv) Commission paid to one agent allowed as deduction in earlier assessment year amounting ₹50,000, has now been received back during previous year 2021-22, from the agent due to settlement with commission agent. (v) ₹25,000 paid to creditor for goods in cash. (vi) Incurred loss of ₹1,17,500 from an eligible transaction carried out in respect of trading in derivatives in a recognised stock exchange. (vii) Interest received amounting ₹2,00,000, duly authorised by partnership deed of M/s Ramji textiles @ 15% p.a. on the capital employed. She is sleeping partner in the Ramji textiles. (viii) She Received ₹60,000 by pre-mature withdrawals from deposit including interest ₹5,000, in post office time deposit, eligible for deduction under Section 80C. (ix) She sold her gold bracelet (jewellery), used by her for personal purposes, on 01-05-2021 for 5,00,000, which was acquired for ₹40,000 on 01-03-2005. A diamond was embedded onto bracelet on 01-05-2007 of ₹ 50,000. (cost inflation index 2004-05:113, 2007-08:129 and 2021-22:317) (x) She received a gold coin (bullion) worth ₹ 55,000 (FMV) from her cousin (daughter of uncle) during the previous year 2021-22. (xi) She incurred long term loss from sale of share of the Indian company. (The STT is paid on the sale and purchase of the shares) ₹75,000. (xii) She deposited a sum of ₹ 50,000 with life insurance Corporation of India every year for the maintenance of her mother aged 70 years depended upon him and suffering from severe disability. (xiii) She purchased the new residential house during the previous year and paid stamp duty and registration fee ₹1,55,000 to get transfer the property in her name. You are required to compute the total income and tax payable by Mrs. Nisha for the assessment year 2022-23. (Ignore the provisions of Section 115BAC). Give brief note wherever necessary.