Income:

Income is the consumption and savings opportunity gained by an entity within a specified
timeframe, which is generally expressed in monetary terms. However, for households and
individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents
and other forms of earnings received... in a given period of time."
In the field of public economics, the term may refer to the accumulation of both monetary
and non-monetary consumption ability, with the former (monetary) being used as a proxy for
total income.
Definition from different perspective:

Cash Income
Cash income includes wages and salaries, employee contribution to tax-deferred retirement
savings plans, business income or loss, farm income or loss, Schedule E income, interest
income, taxable dividends, realized net capital gains, social security benefits received,
unemployment compensation, energy assistance, Temporary Assistance for Needy Families
(TANF), workers compensation, veterans benefits, supplemental security income, child
support, disability benefits, taxable IRA distributions, total pension income, alimony
received, and other income including foreign earned income. Cash income also includes
imputed corporate income tax liability and the employers share of payroll taxes. This puts
the income measure on a pretax basis.
Economic Income
Economic income includes wages and salaries, other returns to labor, returns to capital, and
other income. Returns to labor are measured as a percentage of business income, farm
income, rental income, farm rental income, partnership income and income from small
business corporation. Returns to capital are assumed to be the nominal risk-free rate on
capital, measured as 6 percent of net worth. Other income includes royalty income, social
security benefits received, unemployment compensation, supplemental security income,
alimony received, TANF, workers compensation, veterans benefits, disability benefits, child
support, energy assistance, food stamps, school lunches.

Accounting Income Definition

Accounting income is defined as an estimate of performance in the operations of a company. It is
influenced by financing and investing decisions. Accounting income or loss generally recognizes
realized gains and losses, and does not recognize unrealized gains and losses.
For income to be realized it must be related to actual business transactions; in effect, the cash you
have must increase or decrease. A change in market value rather than cash received is not an
accounting income; it is an economic income. Economic income or loss recognizes all gains and
losses whether realized or unrealized.

Central to the accounting profits definition is whether a gain or loss is realized or unrealized. When a
gain or loss is realized it becomes an income suitable for accounting. The accounting value for this
asset is generally listed at the historical value of the transaction selling it. When a gain or loss is
unrealized it may or may not be accounted for in general. This depends on the placement of the
gaining or losing asset in the balance sheet. Despite that this gain or loss may be accounted for, the
fact that it is unrealized makes it an economic income or loss. The accrual accounting income
statement will look very different from the fair value accounting statement.
Essentially, accounting income defined the ways companies evaluate their cash standing after the
sale of an asset. This, once again, differs from economic income in that economic income is the way
for companies to account for changes in the value of a given asset in the market. The deciding factor
is whether or not a transaction takes place