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What are my sources of income?

Curious about Know your money

What are my sources of income?

As an individual, your sources of income can vary depending on your profession and personal circumstances. However, some common sources of income for individuals in India include:

1. Employment income: This is income earned from your job or profession. It can be in the form of a salary, wages, or commissions.

2. Selfemployment income: If you run your own business or work as a freelancer or consultant, your income would come from the fees or profits earned from your services.

3. Investment income: This is income earned from investments such as stocks, bonds, mutual funds, and real estate. It can include dividends, interest, and capital gains.

4. Rental income: If you own rental property, you can earn income from the rent paid by tenants.

5. Pension or retirement income: This is income earned from a pension plan or retirement savings account, such as a provident fund or a National Pension Scheme.

6. Social welfare benefits: Some individuals may be eligible for social welfare benefits such as oldage pension, disability benefits, or unemployment benefits.

7. Other income: Income can also come from other sources such as gifts, inheritances, or prize money.

It's important to understand all of your sources of income and how much you earn from each one to create an accurate budget and financial plan.

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