Define personal income. How does it differ from private income?

Personal Income. 'Personal income is the sum of earned income and transfer income received by persons (households) from all sources within and outside the country'. The point to be noted here is that personal income includes not only factor incomes which are earned from productive services but also transfer incomes (or Payments) which are received without rendering any productive service. Thus personal income is the sum of earned incomes and current transfer incomes. In other words, it is a receipt concept as compared to national income which is an earning concept.
It may be pointed out that national income is not the sum total of personal incomes since the former includes only earned incomes whereas the latter includes earned incomes as well as transfer incomes. Again personal income is different from private income because two components of private income, namely, corporate tax and undistributed profit of corporate enterprise are not included in personal income. The reason is that corporate tax goes to the government and undistributed profit is retained by the company, i.e., these two items are not received by households. Put in the form of equations:
Personal Income = Private income - Corporate tax - Undistributed profit
= National income - Income of govt. (public) sector - Corporate tax -Undistributed profit + All types of transfer incomes
= Domestic income - Income from domestic product accruing to Govt. sector - Corporate tax - Undistributed profit + NFIA + All types of transfer incomes