Personal Disposable income is the amount of money that an individual has available for spending or saving after deducting taxes from their personal income. It is an important measure of the economic well-being of individuals and households.

The correct answer is option 'D': Both Personal Income - Direct taxes and Consumption Expenditure + Savings.

Explanation:

1. Personal Income:
- Personal income refers to the total income received by individuals from various sources such as salaries, wages, rents, dividends, interest, etc.
- It is the sum of all the incomes earned by individuals before any deductions such as taxes.

2. Direct Taxes:
- Direct taxes are taxes that are directly levied on individuals or entities by the government.
- Examples of direct taxes include income tax, wealth tax, property tax, etc.
- Direct taxes are deducted from personal income to arrive at the disposable income.

3. Consumption Expenditure:
- Consumption expenditure refers to the amount of money spent by individuals on goods and services for their personal consumption.
- It includes expenses on necessities such as food, housing, healthcare, as well as discretionary expenses such as entertainment, travel, etc.

4. Savings:
- Savings refer to the portion of income that is not spent on consumption but is set aside for future use or investment.
- It includes savings in bank accounts, investments in stocks, bonds, real estate, etc.

Therefore, Personal Disposable income can be calculated by subtracting direct taxes from personal income and adding consumption expenditure and savings. This is because direct taxes reduce the personal income available for spending or saving, while consumption expenditure and savings are the two main components of disposable income.

In summary, personal disposable income is the amount of money individuals have available for spending or saving after deducting direct taxes from their personal income, and it includes both consumption expenditure and savings.