ABC Corp. is evaluating a project with an initial cost of Rs. 700 lakhs. The expected revenues and operating costs before depreciation and taxes for the next five years are:

Year	Revenues (Rs. in lakhs)	Operating Costs (Rs. in lakhs)
1	250	90
2	270	100
3	300	110
4	320	120
5	340	130

Depreciation is on a straight-line basis at 20% per annum. The cost of capital is 11%, and the applicable tax rate is 26%. The project has no scrap value.

Requirements:

1. Determine the annual depreciation expense.
2. Calculate the taxable income for each year.
3. Compute the after-tax income.
4. Determine the annual cash flow.
5. Calculate the NPV and IRR of the project.