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Doctors Medicines MCQs Q&A

  1. Household spending
  2. Subsidies
  3. Remittances
  4. Corporate Tax
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1 Answers

Option 4 : Corporate Tax

Private income is the sum of various factor and transfer incomes that are received by private sector from all sources within and outside the country. This private sector includes corporates as well as households. Thus, the formula for Private Income is as follows:

Private income = Income from domestic product accruing to private sector + Net factor income from abroad + All types of transfer incomes

When we subtract from this income, the amount that is paid in the form of taxes, we get Personal income which is the net income left with corporates and private individuals. Along with corporate taxes, undistributed profit is also subtracted from private income to arrive at personal income.
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