Income Legal Meaning and Definition

Here is a simplified definition of the legal term Income.

Income (noun):

Income refers to the money or other gains that individuals, businesses or units of government receive in exchange for providing goods, services, or other resources. It includes, but is not limited to:

  • Salaries from jobs
  • Profits from businesses run
  • Returns on investments
  • Money received from selling or renting property

This term is important to understand in numerous legal contexts, as it influences various issues such as taxation and eligibility for certain benefits.