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Class 10 > Learn Class IX-X Tuition > How we calculate the income of an individual?
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How we calculate the income of an individual?

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Mechanical Engineering Tutor

Individual Income: 1) List out number of sources of income 2) For monthly salary: Extract the net salary (excluding Provident Fund, professional tax, other deductions) 3) For other source of income, extract the net pay (excluding taxes) 4) Sum up the amount obtained from point 2,3 and 4.
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(basic salary+allowance+bonus+perquisites+retirement benefits)-(professional tax+entertainment allowance).
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CA inter commerce teacher

The income of an individual is broadly defined as the amount of money earned by a person in a financial year. As per Income Tax Act 1961 it is calculated under various heads defined by the act. The broad classification being 1. Income from Salary 2. Income from House property 3. Income from Business...
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The income of an individual is broadly defined as the amount of money earned by a person in a financial year. As per Income Tax Act 1961 it is calculated under various heads defined by the act. The broad classification being 1. Income from Salary 2. Income from House property 3. Income from Business and profession 4. Income from Capital gains 5. Income from other sources read less
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Teacher

Income of an individual which is earned by a person through a profession or via business
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Tutor

We could calculate one's salary if the person is a government employee as their salaries can be mentioned in public but for a private employee it changes continuously depending on the factors of performance
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Income of the individual is depend on his/her profession whether he/she is salaried or entrepreneur or professional.
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income=(BasicSalary+Allowance+Bonus+perquesites+Retirement benifits). where as salary=((BasicSalary+Allowance+Bonus+perquesites+Retirement benifits)-(professional tax+entertainment allowance)).
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