Distinguish between the following:
(i)    National income and private income.    
(ii)   National income and personal income.
(iii)  Private income and personal income.
(iv)  Personal income and personal disposable income.    
(v)   Private income and personal disposable income.    
(vi    National income and personal disposable income.
(vii)  Private income and income from domestic product accruing to private sector.

Before describing the difference between different types of incomes, it would be advisable for us to first acquaint ourselves with their components. The following chart shows the components of different aggregates of national income and their interrelationship.
Components of different Aggregates of National Income

 When shown separately from income of private sector.
**Note: Main forms of transfer income are : (i) Interest on national debt, (ii) current transfers from government administrative departments, and (iii) Net current transfers from rest of the world.
Now it is easy to distinguish among different types of incomes on the basis of their components as shown above. For instance:
(a) Domestic Income = Rent + Wages + Interest + Mixed income + Profit tax + Dividend + Undistributed profit + Surplus of Govt, sector (if shown separately).
OR
= Compensation of employees + Operating surplus + Mixed income. 

(b) National Income = Domestic income + Net factor income from abroad.
(i)    Private Income = National income - Surplus of government sector + All types of transfer income including national debt interest.
(ii)    Personal Income = National Income - Surplus of government sector - Corporate tax - Undistributed profit + All types of transfer income including national debt interest.
(iii)    Personal Income = Private income - Corporate tax - Undistributed profit.
(iv)    Personal Disposable Income = Personal income - Personal taxes (including miscellaneous receipt of the government).
(v)    Personal Disposable Income = Private income - Corporate tax - Undistributed profit - Personal taxes.
(vi)    Personal Disposable Income = National income - Surplus of Govt, sector - Corporate tax - Undistributed profit + All type of transfer income - Personal taxes.
(vii)    Private Income = Income from domestic product accruing to private sector + Net factor income from abroad + All types of transfer income including national debt interest.