Difference between Profit and Income

No	Profit	Income
1	Amount Received over and above the Cost is called as profit	Income is a revenue arising as result of business transactions
2	Example: Goods Cost $5000 sold for $7500 here $2500 is profit.	A portion of the office is Subletted for $ 1000 per month. $12000 will be an income for the year on account of rent received.
3	Profit = Selling Price – Cost Price	No such equation is required for income.