1. Any sum that a person or organization receives either as a reward for effort (e.g. salary or trading profit) or as a return on investments (e.g. rents or interest). From the point of view of taxation. income has to be distinguished from *capital.
2. In economics. the flow of economic value is attributed to an individual or group of individuals over a particular period. The total of income throughout an individual’s life, minus expenditure, is equal to that person’s wealth. Note that both income and wealth are generally considered to include more than simply money; for example. benefits in kind, services rendered by governments. and human capital should all be included.
