G & Co. a partnership firm of medical practitioners in which Dr. Lalit and Dr. Arihant are equal partners, furnishes the following receipt and payment account for the previous year ending 31st March, 2024 : Receipts

G & Co. a partnership firm of medical practitioners in which Dr. Lalit and Dr. Arihant are equal partners, furnishes the following receipt and payment account for the previous year ending 31st March, 2024 : Receipts Balance B/f ₹ 75,000 Remuneration to Partners ₹ 18,00,000 Consultation fee ₹ 22,80,000 Assistant Salary ₹ 4,65,000 Visiting fee ₹ 26,51,000 Municipal Tax paid ₹ 50,000 Operation theatre charges ₹ 1,60,000 Instalment paid of housing loan (Interest component ₹ 48,000) ₹ 1,00,000 Rent received from House Property in the name of firm ₹ 2,40,000 Interest paid to partners' capital @ 15% p.a. ₹ 1,80,000 Income from winning of online games (net after deduction of TDS @ 30%) ₹ 70,000 Advance tax paid ₹ 60,000 Amount received from buy back of listed equity share ₹ 5,00,000 Purchase of medical instruments (date of purchase 1st March, 2024) ₹ 3,00,000 Dividend received from the share of Zeta Ltd. ₹ 24,000 Administrative Expenses ₹ 20,00,000 Balance C/f ₹ 10,45,000 ₹ 60,00,000 ₹ 60,00,000 Other relevant informations are as under: (i) Total allowed depreciation u/s 32 of Income Tax Act, 1961 to Firm (other than new medical instrument purchased on 1st March, 2024) was ₹ 75,000. (ii) Rent received – relates to a property situated at Mysore in name of the firm : Municipal value of such property is ₹ 2,00,000. Municipal tax is ₹ 10,000 per annum. During the year firm paid total municipal tax of ₹ 50,000. (Current year and advance for next 4 years). (iii) Salary of ₹ 75,000 per month paid to each partner, both partners are working partners of the firm (as authorized by the deed of partnership). (iv) Interest on capital at 15% per annum (as per the deed of partnership). The amount of capital eligible for interest is ₹ 6,00,000 for each partner. (v) The firm purchased 100 shares of Zeta Ltd. on 12th January, 2023 through recognised stock exchange in India at the rate of ₹ 4,250 per share. Such shares are given to the company under the scheme of buy back u/s 115QA on 15th January, 2024 at the rate of ₹ 5,000 per share. On the basis of above informations, you are required to give the following answers: (a) Compute the book profit of firm under section 40(b) of the Income Tax Act, 1961. (3 marks) Compute the Permissible remuneration to partners by firm under Section 40(b)(v) of Income Tax Act, 1961.