Income refers to the money or value that an individual or business entity receives in exchange for their labor or products. The definition of income may vary depending on the context in which it is used, such as taxation, financial accounting, or economic analysis. Here are some key points about income:

• Income can be expressed in the form of money, property, or other transfers of value received over a set period of time in exchange for services or products.
• For most people, income means their total earnings in the form of wages and salaries, the return on their investments, pension distributions, and other receipts.
• For businesses, income means the revenues from selling services, products, and any interest and dividends received with respect to their cash accounts and reserves related to the business.
• Income can be classified into different types, such as active income, portfolio income, and passive income.
• Gross income is the total receipts from services, products, and any interest received regarding the cash accounts and reserves, while net income is calculated by deducting gross income from business expenses.
• Income can also be defined as any item an individual receives in cash or in-kind that can be used to meet their need for food, clothing, or shelter.
• Census money income is defined as income received on a regular basis (exclusive of certain money receipts such as capital gains) before payments for personal income taxes, social security, union dues, medicare deductions, etc. .

It is important to note that income definitions may vary by jurisdiction and that there is a tendency for respondents to underreport their income in household surveys.