Rs 1 crore salary, 3 houses, yet no money to pay Rs 15,000 tax? What went wrong

It sounds hard to believe, but can a person earning more than Rs 1 crore a year still be short of Rs 15,000 to pay tax? Let's find out.A salary of more than Rs 1 crore a year is something many people dream of. It brings to mind financial freedom, expensive holidays and a comfortable life. But what if someone earning that much doesn't have Rs 15,000 to pay their income tax?But that is exactly the story a chartered accountant recently shared on X, and it has got many people talking about a question that often gets overlooked: does a high salary always mean good financial health?A Rs 15,000 TAX BILL BECAME A PROBLEMSharing her experience, the CA wrote, "Just filed ITR of one of my IITian client! He is a young guy having package of 1Cr plus since 5 years. Has 3 houses out of which 2 projects are WIP."The surprising part came next. According to the CA, "He told me he had no money to pay taxes of Rs 15K and wanted me to wait till August so that his salary comes and we can pay the taxes."The client eventually borrowed money to clear the tax dues because delaying the payment would have meant paying more interest. "Later he borrowed money to pay tax and file ITR because August meant more interest!" the CA added.HIGH INCOME DOESN'T ALWAYS MEAN LIQUIDITYThe incident has struck a chord because it highlights a common financial mistake. A person may have a high income and valuable assets, but still face a cash shortage if most of the money is tied up in home loans, investments, EMIs or lifestyle expenses.Financial experts often describe this as being "asset-rich but cash-poor." A person may own valuable assets, but those assets cannot be used to pay bills overnight.A REMINDER ON FINANCIAL LITERACYThe CA ended his post with a message that resonated with many people online: "It's high time we need financial literacy in our country!"The incident is a reminder that financial planning is about much more than earning a large salary. Budgeting, keeping money aside for taxes, maintaining an emergency fund and managing debt are essential at every income level. After all, true financial security is measured not just by how much you earn, but by how well you manage your money.- EndsPublished By: Jasmine anandPublished On: Jul 28, 2026 13:48 IST