There is a Head of income known as - Proft and Gains from business and profession (PGBP). What is the difference between profit and Gains?
Note that
1)Capital gains is taken under separate head . So I assume Gains do not mean capital gains
2)Net income from profession is never mentioned as Gains in income statement.
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Query on Profits and Gains - difference
Replies (1)
Gain is an advantage that includes profit while profit is what you get in business after deducting all related expenditure fom revenue earned.
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