Hi,
I have a friend who asked me the following question:
"I earn an average of 25000 INR per month. Out of that, about 15000 INR goes into credit card payments, mortgage payments and other sundry expenses, leaving me with only 10000 INR of net income. Am I still subject to paying the income tax? If not, what must I do to stay in the good books of the I-T guys?"
My friend is self-employed and as such has got no 'proof of income' thing (he works as an affiliate in an overseas firm and gets paid monthly)!
I am no expert in tax rules so figured someone here will have an answer.
Anybody?
