The correct answer is Both Personal Incomes - Direct taxes and Consumption Expenditure + Savings.

• Disposable Personal Income Formula = Personal Income - Direct taxes + Consumption Expenditure + Savings

• Personal Disposable income:
  • Disposable income or disposable personal income is an economic term which means the money that is available for household consumption, savings and spending after accounting for income tax.
  • ​It is an important indicator that is used by economists in determining the demand in an economy.
  • It is used to estimate the overall state of the country’s economy.

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• In national accounts definitions, personal income minus personal current taxes equals disposable personal income. 
• Subtracting personal outlays yields personal (or, private) savings, hence the income left after paying away all the taxes is referred to as disposable income.
• For the economy or country, it is calculated as:
  •  National Income + All the Indirect Taxes + Transfers from other Countries.