What is the difference between income and profit?

There are two consents with definition and contextual usage that differ in important ways Profit can refer to a number of figuresmeans revenue that remains after expenses . S net profit is synonymous with netc income corporate accounts calculate profit at a number of levels Income is a type of revenue

Income means the residual amount of revenue after deduction of all mfg. cost, factory cost & all other operating & non operating expenses. I think profit is also can be explained in the same way.

Income is financial return, while profit is an achieved goal in excess of a cost floor and overhead operations.

 profit 

the difference between the selling price of a product and its cost price is known as profit.

 income (net profit)

The net earnings of a company during a particular accounting year

Income is the total net earnings of a firm. And profit is the thing which remains after deduction of all expenses from the income.

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The net earnings of a company during a particular accounting year is called income. It is the residual amount left with the company which can either be held by the company as retained earnings or distributed among the equity shareholders.

Profit is the reward for the risk taken by the owner of the business. Profit is the net amount left after deducting all costs, expenses and taxes from the revenue. In simple terms, profit is the difference between the selling price of a product and it's cost price is called profit.

Income is a type of revenue and profit is a bottom line (final figure) after deducting all the required expenses.

The terms income and profit have essentially the same meaning. They both refer to the amount of residual earnings that a business generates after all revenues and expenses have been recorded. However, there are some situations in which the meanings of the two terms can diverge. This is most commonly the case when an entity generates its cash inflows from the receipt of interest on its investments. In this situation, interest is considered to be the revenues of the entity, so that interest income is considered a top-line (revenue) item, rather than a bottom-line (profit) item.

 

Profit  is the surplus remained after reducing all expenses from the revenue is known as profit. While income, the actual earnings of the company during a particular accounting year is known as income

 

Profit simply means revenue that remains after expenses. While net profit is synonymous with net income, corporate accountants calculate profit at a number of levels. For example, gross profit is revenue less the cost of goods sold, or COGS. Operating profit refers to revenue less COGS and operating expenses