Notional Income

Notional Income

Income one may not have received but on which one may still be taxed. The term is often associated with income from rental property. In India, for example, one must pay taxes on the amount of rent one might reasonably expect to earn in a year, whether or not one actually earns it. This fictional money is notional income because one must still pay income tax on it.
References in periodicals archive ?
Sources said that the ministry told PMO that the contractors have also used the clause related to notional income tax in the PSC in a manner so as to benefit themselves unjustly.
The balance was made up of donations of pounds 96,912, grants of pounds 93,087 and notional income of pounds 10,000.
A EVEN though dividends are re-invested, you will still be deemed as having received notional income and you will be liable for tax on the difference, so I would suggest they are transferred to your wife's name.
As required by accounting standards, substantially all of the income tax expense for both the quarter and the first quarter of 2003 represent notional income taxes that would be paid in the absence of the availability of the Company's income tax losses and other timing differences and not an actual tax liability or payment to any taxing authority.
A bench of Justice Gyan Sudha Misra and Justice Kurian Joseph has formulated new guidelines on computing the quantum of compensation for children as the amount under the existing statutory scheme was computed after taking the notional income of a child to be mere ` 1,250 per month.
Current Business, Japan Bank of Japan Monthly Statistics, Germany Deutsche Bundesbank, France INSEE, UK Economic Trends, Italy IMF International Financial Statistics, Canada Notional Income and
The bellwether BSE Sensex crossed the 21,000- point mark, a gain of 5,000 points since last Diwali ( October 17, 2009), boosting the notional income of the stock market investors by ` 20 lakh crore.