Psychology is both an academic and applied discipline involving the scientific study of mental processes and behavior. Psychologists study such phenomena as perception, cognition, emotion, personality, behavior, and interpersonal relationships. Psychology also refers to the application of such knowledge to various spheres of human activity, including issues related to daily lifeâe.g.
What is the amount a business earns over and above what it spends for salaries and other expenses. Answer. Profit is the term used to describe the amount a business is left after expenses such as wages, rent, materials, etc.
General tax rules determine that if one incurs business related expenses, it can be deducted from income. In terms of section 11(a), a person is allowed a deduction from income if the expenditure or loss has actually been incurred in the production of income, provided that such expenditure or loss is not capital of nature.