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What is meant when speaking of notional income?
I’m busy studying (once again) and came across a term called notional income in taxation i.e. it is said that notional income is not included in your gross income. Can anyone explain to me what the term notional income means?
income not physically received
invisible benefit that is not actual money, goods, or services
Thanks!
A notional income is a hidden benefit that does not fall under money,goods, or services … for example: Income that is due but has not yet been paid Income fro a member of the family that is paid out to a third party Income deprivation
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