Vivek Mohan, furnished the undernoted particulars of his income for the year ended 31st March, 2006:

i) Basic pay Rs.1,44,000/-

ii) Dearness Allowance Rs.38,000/-

iii) Contribution to GPF Rs.48,000/-

iv) LIC premium Rs.12,000/-

v) Profit on business Rs.1,54,000/-

Compute Vivek Mohan’s taxable income and net tax for the financial year 2005-06.