is there a standard definition of income 
the definition of income depends on the context in which the term is used for example the tax law uses the concepts of gross income which includes all income in all its forms and taxable income which is gross income net of expenses and other adjustments on the other hand the standard for financial accounting generally accepted accounting principles gaap uses the term revenue reduced by expenses to determine net income in addition the calculation of income will vary depending on the scope of the context e g an individual a household an industry a nation etc 