Golgappa.net | Golgappa.org | BagIndia.net | BodyIndia.Com | CabIndia.net | CarsBikes.net | CarsBikes.org | CashIndia.net | ConsumerIndia.net | CookingIndia.net | DataIndia.net | DealIndia.net | EmailIndia.net | FirstTablet.com | FirstTourist.com | ForsaleIndia.net | IndiaBody.Com | IndiaCab.net | IndiaCash.net | IndiaModel.net | KidForum.net | OfficeIndia.net | PaysIndia.com | RestaurantIndia.net | RestaurantsIndia.net | SaleForum.net | SellForum.net | SoldIndia.com | StarIndia.net | TomatoCab.com | TomatoCabs.com | TownIndia.com
Interested to Buy Any Domain ? << Click Here >> for more details...

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


Please Help Members By Posting Answers For Below Questions

What percent of FDI is allowed in Single Brand Retailing and Multi Brand Retailing?

980


Under Funds Managment, where a Company can park its idle funds temporarily (like call money market, treasury bills etc.,)to maximise the returns. I need answers elaborating various channels the Conmpany can invest wisely. Any Financial Controller can narrate his experience in managing the funds, which will be very practical for us.

2226


What is Profit and loss account ?

1042


Give some idea about RBI current policy and Reserve Rates?

999


What is composite cost of capital?

988


Differentiate between Balance of Trade and Balance of Payment?

1025


Define repo rate?

1020


What is foreign exchange reserve?

1144


What Is Saving Account?

1194


What are Exchange Traded Funds (ETF)?

1049


what is digital banking?

979


Why would two companies merge?

1070


What is a letter of demand?

1100


What is the RRB that comes under SBI?

1036


Do you know about RBI key monetary policy rates and their current values?

1112