Calculate the assessable income from profession, considering professional receipts and allowable professional expenses, including adjustments for bad debts recovered.

Here's the solution to your accounting problem:

a. Assessable (net) income from profession

To calculate the assessable income from profession, we need to consider all professional receipts and deduct all allowable professional expenses.

Professional Income:

• Receipt from script playing: Rs. 700,000
• Receipt from dance training program: Rs. 300,000
• Consultation fees after TDS: Rs. 300,000
• Other professional incomes: Rs. 75,000
  • Adjustment (iii): Bad debts recovered (Rs. 5,000) were not allowed for deduction previously, so they are not taxable now.