ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -For the year you are filing, earned income includes all income from employment, but only if it is includable in gross income. Examples of earned income are: wages; salaries; tips; and other taxable employee compensation. Earned income also includes net earnings from self-employment.

Detailed explanation-2: -A person’s or organization’s income is the money that they earn or receive, as opposed to the money that they have to spend or pay out.

Detailed explanation-3: -(1) Received in India : Any income which is received in India, during the previous year by any assessee, is liable to tax in India, irrespective of the residential status of the assessee and the place of accrual of such income .

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