Income
different Income types of Income aay
Private
Income –
An
income which is received by the private or personal people from different – 2
income sources or as a production factors. In this income, there is no
involvement of government side or an income which is received from government
services. So, we must add or subtracted some of item from GNP. Add these types
of item like – pension, unemployment, health scheme, normal profit and abnormal
profit or income from abroad etc. subtract item – income from government, other
surplus, pension scheme or life insurance etc.
Private
Income – NNP at factor cost or National Income + transfer payment + interest on
public debt – profit of public sector – payment for social security.
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| Income |
Personal
Income –
A
total income which is received by the public from different – 2 resources
before paying any tax. There are lots of differences in national income or
personal income. We must add lot of transfer or payment of amount in personal
income.
Personal
Income – national income + transfer payment + interest on public debt – tax on
profit – payment for social security – undistributed profit of corporate.
Disposable
Income –
An
income which is left for expenditure or consumption after giving all tax.
Disposable
Income – personal income – direct tax.
Real
Income –
When
we calculate the national income on the base of any year like 1981 or 1991 or
2000-01 or 2011 etc. when we calculate the national income with this method, we
are able to get a real picture of national income and growth. But when we
calculate the income on current year price index then we add inflation &
also these data not represent a real picture.
