2006-11-22 04:21:47 · 5 answers · asked by a m 1 in Business & Finance ➔ Taxes ➔ India
In layman's terms, they are very close.
Profit is usually the difference between your income and your expenses.
Gain is the difference between what you sell something for, and what you paid for it (such as a stock).
2006-11-22 04:30:59 · answer #1 · answered by Chappaquiddick 2 · 0⤊ 0⤋
selling something, earning wages etc. can lead to profit. Gain has a special use in the tax code if you sell certain assets such as stocks, bonds, real estate you would have a gain. if the gain is from an assets you held for less than one year it is short term gain subject to you tax rate. A gain from an asset held more than one year is long term gain and has always enjoyed having a more favorable tax rate applied to it. Currently long term gains are subject to a 15% tax rate.
2006-11-22 15:20:53 · answer #2 · answered by waggy_33 6 · 0⤊ 0⤋
Profit is how much you've made, say at the end of the tax year, after tax. Gain is usually how much more you've made than the previous year.
2006-11-22 12:27:55 · answer #3 · answered by pniccimiss 4 · 1⤊ 0⤋
profit is after depreciation... and all the tax minimizing schemes
while gain is gross income of the proceeds
2006-11-22 13:17:55 · answer #4 · answered by Pegasus 3 · 1⤊ 0⤋
difference lies only in SPELLING and PRONOUNCIATION...i mean both of dem means exactly same
2006-11-22 12:32:49 · answer #5 · answered by ashes 2 · 1⤊ 1⤋