Query on Profits and Gains - difference

Anil (1638 Points)

13 August 2008  

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.