Answer / manish loya

profit: Income derived from the regular business activity,
by deploying caplital labour and time.
In other words it is the return on the capital employed
after deducting all working capital and fixed expenses.
usually appears on the liabilities side of the balance
sheet.

Gain: Income derived on investment over a period of time
time not falling under regular business activity.
it is the return derived on investment.

Answer / nitin jha

gain can be anything over your cost,normally revenue over your cost is treated
as gain
while profit=total revenue-total cost,which is the net icome of the
organisation

Answer / guest

PROFIT : PROFIT IS CALLED A NORMAL INCOME

GAIN : GAIN IS CALLED A ADDITIONAL INCOME

Answer / karun reddy

expenses losses
incomes gaines

if u purchase a building for 10000 after 1 yr if it will
12000 , then 2000 is the gain

if we get the income from regular business activitis is
called income

Answer / kent mikulsky

All the above answers are so terribly wrong if not confusing
to the average person. First, gain and profit are totally
different. The formulae are quite simple! Gain is what you
have left over after you sell something when compared to the
cost price. Profit is what you have left over after you sell
something when compared to the selling price. Example of
Gain: I pay $1.00 for something and sell it for $3.00. The
gain is $2.00. HOWEVER, when expressed as a percentage, the
gain ($2.00) is 200% of the cost. That is, 2 is twice the
value of 1 or 200% !!! GAIN is always a comparison against
cost!! Example of profit: I pay $1.00 for something and sell
it for $3.00. The profit is still $2.00. HOWEVER, when
expressed as a percentage, the profit ($2.00)is 66.67% (2/3)
of the selling price. PROFIT is always a comparison against
the selling price. SUMMARY: Gain will always be greater than
100% and profit will always be less than 100% !!!!!! You
know these things when you're a Polish business man.

Answer / venkat

Profit generally is the making of gain in business activity
for the benefit of the owners of the business
gain can be anything over your cost.

Answer / samity

profit is a surplus/excess revenue over its cost.
it is expected &is a usual income on operating activities.
U launched a range of cellphones he earned "profits"on its sell.

Gain is simply excess of expected profit bcoz of occurence
of incidential event or transaction.it's irregular & is
unexpected income.
U found a valet full of money on the roadside is gain!!

Answer / deepak

profit is our net income after expenses
gain is the income over cost

Answer / shivag

profit is operating income

gain si non operating income

Answer / 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.

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