ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -For most people, income means their total earnings in the form of wages and salaries, the return on their investments, pension distributions, and other receipts.

Detailed explanation-2: -wages, interest, rent, and profit. The four categories of factors of production employed in an economy are labor, capital, land, and entrepreneur, which need to be paid for the services.

Detailed explanation-3: -Income is the money received by a person (individuals or business) periodically on daily, weekly, monthly, or yearly basis. Income includes monetary as well as non-monetary values of allowances and perquisites. All income is taxable under income tax unless expressly exempted.

Detailed explanation-4: -Active income. If you have a job and receive a paycheck, you make your money through active or earned income . Portfolio income. Portfolio income comes from investments such as dividends, interest, royalties and capital gains. Passive income. 03-Feb-2023

Detailed explanation-5: -Income from salary. Income from house property. Income from profits and gains from business or profession. Income from capital gains. Income from other sources.