3 Answers
The term ”business income” refers to the income or profit shown in the profit and loss account of a business after deducting all the expenses. It can be both positive and negative. A positive profit and loss account reflects profit, while a negative profit and loss account reflects loss.
Business income refers to the profit or revenue earned by a business in a financial year. It reflects that the total earnings of the business by way of the sale of products and services are greater than the total expenses incurred while delivering utilities to customers.
Income from the business is the income earned by the business or any other income realized through business activities such as the sale of assets, the sale of investments, etc. It is the income that remains in the hands of the business after deducting expenses, losses, taxes, and other extraordinary or abnormal losses.
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