Correct Answer: Assertion is true, but the Reason is false.

Solution : The correct answer is  (c) Assertion is true, but the Reason is false.

The Assertion is true in most cases. Disposable income typically represents the amount of income available to individuals after deducting personal income taxes and certain other mandatory deductions such as social security contributions. However, it's important to note that disposable income may also be affected by other factors such as voluntary deductions, non-tax-related expenses, and transfers.

The Reason is false because it simplifies the concept of disposable income by stating that it only accounts for personal income taxes. As mentioned earlier, disposable income considers various deductions and factors beyond personal income taxes.

Therefore, the correct answer is (c) Assertion is true, but the Reason is false.