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Payment of tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 January 2015 sir / madam

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
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Kaustuv

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Kaustuv (Expert)
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.
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