Question

Answer the following questions in 'one' sentence each:
What is Gain Charges?

Answer 1

The profit of a company after operating expenses and all other charges including taxes, interest and depreciation have been deducted from total revenue.

Profits and gains of different business or profession carried on by the assessee are not separately chargeable to tax i.e. tax incidence arises on aggregate income from all businesses or professions carried on by the assessee.

But, profits and loss of a speculative business are kept separately.