what is the difference between profit and gain?
Answer Posted / mr.x
whether it is gain or profit both are taxable under I.T.Act,1961.
coming to tax liability it will be decided based on income accrued & received & residential status
the profit is termed when ever you receive income from business and profession and
and coming to gain when capital gains accrued whether it may be short term or long term.
Is This Answer Correct ? | 3 Yes | 2 No |
Post New Answer View All Answers
How will you define the mixed economy?
any political view
What is an e-wallet?
How can i start buying a share. How can i find dealers. Can any one give me just an idea about this. When to buy ? How to buy? where to Buy ? How can i sell it ? How i came to know it is right time to sell . so that i can gain money ? Advance thanks
Explain the term currency chest.
what is the difference b/w acquisation by subsidy & acquisation by a company?
What Are Accrued Revenues And When Are They Recorded?
What are negotiable instruments?
Explain debt equity ratio. What are its components? What does it indicate?
Comment on Aam Aadmi Party?
What is 'equity capital'?
Explain what is ratio analysis?
How will your education help us in improving the banking services?
What are the recent changes that have taken place in the banking sector?
What are current tax exemption limits?