Question
What is personal
income?Solution
Personal income is the total income received by individuals and households from all sources before taxes. It includes various types of income such as: Wages and Salaries: The income individuals earn from their jobs. Rental Income: Income earned from renting out properties. Interest Income: Income received from investments such as savings accounts, bonds, and other interest-bearing accounts. Dividends: Income received from owning shares in companies. Transfer Payments: Payments received from the government such as social security benefits, unemployment benefits, and welfare payments. Proprietor’s Income: Income from self-employment and business ownership. Other Income: Any other sources of income that do not fall into the above categories. Personal income serves as a measure of the economic well-being of individuals and households and is used to assess the capacity of consumers to spend and save, which in turn impacts the overall economy.
As per the Income Tax Act of 1961, Section 115JB, the Minimum Alternate Tax (MAT) is calculated at what percentage of the book profit?
The law of demand is based on the assumption that people will:
Which of the following sector workers are known as ‘Blue Collar workers’?
Price theory is also known as _________?
Who among the following won the ‘Gulbenkian Prize for Humanity’ in 2020?
What is the rank of India in Global Hunger Index (GHI) in 2016?
SANKALP Scheme is one of the important skill development programme sponsored by World Bank which is under implementation till_______.
Philips Curve is a graphic curve advocating a relationship between which factors?
Which committee did the RBI establish to discuss Capital Account Convertibility?
Which monetary policy stance is characterized by low interest rates?