JKL Ltd. is considering a project that requires an initial investment of Rs. 550 lakhs. The projected revenues and expenses before depreciation and taxes for the next four years are:

Year	Revenues (Rs. in lakhs)	Expenses (Rs. in lakhs)
1	200	80
2	220	90
3	240	100
4	260	110

The project will be depreciated using the straight-line method over four years. The cost of capital is 8%, and the tax rate is 22%. The scrap value at the end of the project is Rs. 70 lakhs.

Requirements:

1. Compute the annual depreciation.
2. Calculate the taxable income for each year.
3. Determine the tax payable and after-tax earnings.
4. Calculate the net cash flows for each year.
5. Determine the project's NPV and IRR.