Mukund Industries Ltd. (MIL), is a big corporate house, with presence in several industries and businesses, subsidiaries and sister concerns. As the Company Secretary, you are also a key person in the Group's taxation ma

Mukund Industries Ltd. (MIL), is a big corporate house, with presence in several industries and businesses, subsidiaries and sister concerns. As the Company Secretary, you are also a key person in the Group's taxation matters, including international taxation. MIL holds a think tank meeting in the month of April, 2019 to arrive at a preliminary idea of its income-tax liability for the previous year 2018-19. Abhinav Pvt. Ltd.'s activities: Abhinav Pvt. Ltd. (APL) is one of the group companies, having a small presence in the overseas market also. It has agricultural lands in country L with which India does not have a DTAA. The global turnover of APL during this year was ₹210 crores. During the last 7 years, the company has been showing an increase of around 6% in its turnover, as compared to the earlier year. During the PY 2018-19, APL derived business income of ₹140 lakh from its Indian operations, but made a loss of ₹10 lakh from its core business operations in country L. From its agricultural operations in country L, APL made net surplus of ₹22 lakh. In country L, the income earned from other sources was ₹8 lakh. In country L, tax paid is ₹5.4 lakh. Agricultural income is taxed there and business loss can be set off against any other income in the same year. Results of Vaamana & Co.: MIL is a partner in a firm Vaamana & Co. On behalf of MIL, Mr. Vishnu, its director, is a working partner in the said firm. The Taxation Manager furnishes gist of the firm's workings, which are furnished infra. The partnership firm, has earned net profit of ₹79 lakhs, before remuneration to working partners. Only depreciation pertaining to current year has been considered in this. The partnership deed provides for remuneration of ₹40 lakhs to the working partners, and this amount has also been actually paid by the firm. The income from other sources earned by the firm during the PY 2018-19 is ₹76 lakhs. The firm has brought forward business loss of ₹7 lakhs (eligible for set off) and unabsorbed depreciation of ₹6 lakhs, both pertaining to the AY 2018-19. Workings of industrial undertaking owned by RPL: Rajalakshmi Textiles Pvt. Ltd. (RPL) is a subsidiary of MIL. Two industrial undertakings are owned by RPL, units P and Q. Both units are eligible for claiming deduction u/s 80-IA. During the PY 2018-19, unit P made a profit of ₹70 lakhs, while unit Q made a loss of ₹15 lakhs. Gross total income of RPL is ₹590 lakhs. Compute the total income and tax payable by Vaamana & Co., for the assessment year 2019-20, along with the working notes.