Hi,
My yearly income and expenses are as follows:
Income
1- X-Lakh from my own prorpietership firm (dealing in training to students and professionals)
2- Y Lakhs as a salary which I get from a company where I work part-time.
Also Assume that: 2<(X + Y)<10 lakh
Expenses
1- From my firm's income X, I have to give 2 lakh as salary to one staf.
2- From my entire salary I have to support my family and bear personal expenses
Net earnings (or saving): (X-2) + (Y-Y)= X-2
My question is what is my taxable income;
Is it (X+Y-2) ,
OR
is it (X+Y)?
Thanks and regards