Protoplasm is the living matter present inside the cell. It is composed of proteins, fats, nucleic acids, and some other molecules which are suspended in water. Protoplasm includes:
1. Cytoplasm : Protoplasm surrounding the nucleus
2. Nucleoplasm: Protoplasm inside the nucleus.
It does not include cell membrane or cell wall.
To say in other words-
The cytoplasm along with the cellular organelles is called protoplasm i.e., protoplasm = Cytoplasm + organelles or Protoplasm - Organelles = cytoplasm so it can be said protoplasm is the physical basis of life.