What is the difference between income and profit?

Asked by Last Modified  

4 Answers

Follow 1
Answer

Please enter your answer

Tutor

Income is the total receipts and profit is the net income after deducting expenditure and taxes from income
Comments

Tutor

Income means the total amount you earned through the operations whereas the profit means the excess of the earnings over the cost spent for earning the total amount
Comments

Income is the total amount received by the business without deducting expenditure. Profit is the amount derived after deducting expenditure
Comments

Commerce Tutor

Income means what you earn as business or any other way say interest etc.profit is different from income.it is calculated by deducting all your expenses from income.for e.g ur business income is 50000 and your expenses of running business is 20000.then your profit will be 50000-20000=30000.
Comments

View 2 more Answers

Related Questions

What is the need of depreciation account?
Charge on Assets every year it is Current liability of a copany
Krishn
Can a BCom student crack the CAT exam?
Hello Preeti, YES as a bcom student you can crack the CAT exam. You need to stay focused and self motivated. Practice questions as much as you can. Also opt for good guidance. Thank you
Preeti
0 0
7

Which course is best in IT

I Perfer to go for Cloud Automation Tools. i.e Ansible, Terrafrom and etc. This is best booming technologies in IT market for next 5 years.
Noman
I had studied mba finance from a normal college so will I get job in worldwide if I learn german language
Yes, getting job will not be a problem, there are very few companies who will ask for branded names, you should keep applying. Remember to have command on soft skills, mannerism and communication skills,...
Mubarak

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Raising Fund through Commercial Paper.
Raising Fund through Commercial Paper: Every business requires the funds for expansion. The requirement of fund can be both Long term and short term. The cost of raising funds for a business is very...

What Is The Objective Of Accounting?
Accounting operates within a broad socio-economic environment, and so, the knowledge required of the accountant cannot be sharply compartmentalized. It is therefore, difficult to discuss one area without...


From 1st July Anyone Who Has Aadhaar Must Mention It In ITR
Much debate has been going on about whether Aadhaar must be provided in income tax return. Recently, the Supreme Court of India has said that if you have an Aadhaar Card you must mention it while filing...

Basic Concepts Of Income Tax
Q: What is Tax ? Ans : It is an Amount which is payable by a person to the government so that govt can meet out of its certain expenses for which directly there are no charges. For Example: Defense,...

Recommended Articles

Appearing for exams could be stressful for students. Even though they might have prepared well, they could suffer from anxiety, tension etc. These are not good for their health and mind. However, following a few exam preparation tips can save them from all these and help them to score good marks. Let’s find out all...

Read full article >

With the current trend of the world going digital, electronic renaissance is a new movement that is welcomed by the new generation as it helps makes the lives of millions of people easier and convenient. Along with this rapidly changing movement and gaining popularity of Internet, e-Learning is a new tool that emerging...

Read full article >

Once over with the tenth board exams, a heavy percentage of students remain confused between the three academic streams they have to choose from - science, arts or commerce. Some are confident enough to take a call on this much in advance. But there is no worry if as a student you take time to make choice between - science,...

Read full article >

While schools provide formal education to the children, the home is where they start learning about things informally. Parents think that schools will take the initiative to educate their children. Well, this is partially true, as parents also play an essential role in bringing up their child. For the development of particular...

Read full article >

Looking for BCom Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you