Net profit is income or a part of income?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 February 2012
Respected All,
As per my knowledge Net Profit is a part of Income, that why I am saying before it is not a full Income of Business Entity.
If we considered net profit is income than what is the expenses of Business entity for previous year, current year & future.
I am drafting how to dearness is incress or what is the solution. I am a simple B. Com my knowledge of Income Tax for working 15 year expreance, So I request to all of you please guide I am on wrong way or write way to help me out for drafting. I am waiting your reply.
Thanking You,
Shailesh Kanth
I want to say that under Income tax Act what is the definition of sale, Other income, purchase, direct expenses, indirect expenses.
Thanking You,
Shailesh Kanth
As per my knowledge Net Profit is a part of Income, that why I am saying before it is not a full Income of Business Entity.
If we considered net profit is income than what is the expenses of Business entity for previous year, current year & future.
I am drafting how to dearness is incress or what is the solution. I am a simple B. Com my knowledge of Income Tax for working 15 year expreance, So I request to all of you please guide I am on wrong way or write way to help me out for drafting. I am waiting your reply.
Thanking You,
Shailesh Kanth
I want to say that under Income tax Act what is the definition of sale, Other income, purchase, direct expenses, indirect expenses.
Thanking You,
Shailesh Kanth
18 February 2012
I am not able to understand what you want to say. Please say clearly whatever you want to say.
Message likes :
1 times
18 February 2012
The author perhaps, wants to say that , Net Profit is part of Income. What ever expenditure is being debited to P&L A/c that is reduced from the WHOLE Income.
.
In company results, Income and net profits
are referred separately. Income includes Sales and other Income. Profit and Income can be treated differently.
.
So, it's not wrong to say that profit is part of income.
.
All the best for drafting an article on the burning issue.
.
In company results, Income and net profits
are referred separately. Income includes Sales and other Income. Profit and Income can be treated differently.
.
So, it's not wrong to say that profit is part of income.
.
All the best for drafting an article on the burning issue.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
