XYZ Ltd. is considering a project which requires an initial investment of Rs. 800 lakhs. The projected revenues and expenses before depreciation and taxes for the next five years are as follows:

Year	Revenues (Rs. in lakhs)	Expenses (Rs. in lakhs)
1	300	100
2	320	110
3	350	120
4	360	130
5	370	140

The project will be depreciated using the Written Down Value method at 15%. The cost of capital is 12%. The scrap value at the end of the project is Rs. 50 lakhs. The tax rate is 25%.

Requirements:

1. Calculate the annual depreciation using the Written Down Value method.
2. Determine the taxable income for each year.
3. Compute the tax payable and after-tax earnings.
4. Calculate the net cash flow for each year.
5. Determine the Net Present Value (NPV) and Internal Rate of Return (IRR) of the project.