Vinay and Vivek are partners in Aaram Co., a partnership firm, which is engaged in manufacturing bottles. They share profits and losses in the ratio of 2:3. The profit and loss account of the firm for the year ended 31 s

Vinay and Vivek are partners in Aaram Co., a partnership firm, which is engaged in manufacturing bottles. They share profits and losses in the ratio of 2:3. The profit and loss account of the firm for the year ended 31 st March, 2014 is as follows: Expenses ₹ ₹ Cost of purchases 20,00,000 Depreciation 1,00,000 Salary to staff 2,00,000 Remuneration to partners: Vinay 5,00,000 Vivek 2,40,000 7,40,000 Interest on capital @ 18% p.a.: Vinay 54,000 Vivek 81,000 1,35,000 Sundry expenses 2,01,000 Net profit 7,35,200 41,11,200 Income Sales 39,43,000 Dividends 28,200 Winnings from lotteries (net) 1,40,000 41,11,200 Additional information: (i) The firm donated ₹30,000 to Prime Minister 's National Relief Fund and this amount is included in sundry expenses. (ii) Depreciation admissible under the income-tax rules is ₹1,36,000. (iii) The firm is evidenced by partnership deed. Compute the taxable income and amount of tax liability of the firm for the assessment year 2014-15.