if my total income is rupees 400000 per year and my total expenses is rupees 250000 per year like house rent, food, medicine, my personal exps, electricity, etc. so my remaining income at the end of the year is 150000, so I am liable to pay income tax or not please suggest me sir
16 January 2015
unfortunately yes- you are liable to income tax because your income exceeds the maximum exemption limit which is currently Rs. 2.5 lacs. it is a tax on total income, not on savings or net income.
CAclubindia
