Personal Income
Meaning and Mesurment of "PERSONAL INCOME"
Personal Income is the sum total of income actualy recived by a persone from all sources in the form of current transfers and factor incomes. It is a recept concept. Personal income includes factor income as well as transfer income. Corporate Saving and Corporation tax are not part of personal income. Personal income does not include income of corporations and companis.
**Personal Income is calculated by the formula :-
Personal income = Private income - corporation tax - corporate Saving or undistributed profit ( less: net reained earnings of foreign companies...)......(1)
= National income - income fro demestic product accruing to public sector - corporation tax - undistributed profit less of net retainsd earning of foreign companies + Transfer income
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