वदन्ति तत्तत्त्वविदस्तत्त्वं यज्ज्ञानमद्वयम् । ब्रह्मेति परमात्मेति भगवानिति शब्द्यते ॥ ११ ॥
vadanti tat tattva-vidas tattvaṁ yaj jñānam advayam brahmeti paramātmeti bhagavān iti śabdyate
Those who know the Absolute Truth declare that the nondual reality, whose very nature is pure knowledge, is spoken of as Brahman, Paramātmā, or Bhagavān.
The Absolute Truth is both subject and object, and there is no qualitative difference there. Therefore, Brahman, Paramātmā and Bhagavān are qualitatively one and the same. The same substance is realized as impersonal Brahman by the students of the Upaniṣads, as localized Paramātmā by the Hiraṇyagarbhas or the yogīs, and as Bhagavān by the devotees. In other words, Bhagavān, or the Personality of Godhead, is the last word of the Absolute Truth. Paramātmā is the partial representation of the Personality of Godhead, and impersonal Brahman is the glowing effulgence of the Personality of Godhead, as the sun rays are to the sun-god. Less intelligent students of either of the above schools sometimes argue in favor of their own respective realization, but those who are perfect seers of the Absolute Truth know well that the above three features of the one Absolute Truth are different perspective views seen from different angles of vision.
It teaches that the one nondual Absolute Truth is realized in three aspects: Brahman as the all-pervading spiritual effulgence, Paramātmā as the Lord within the heart and universe, and Bhagavān as the Supreme Person possessing full divine qualities.
Suta Gosvāmī speaks this verse to the sages headed by Śaunaka at Naimiṣāraṇya while explaining the essence of the Bhāgavatam and the nature of the Absolute Truth.
See all genuine spiritual paths as aiming at the same Truth, but deepen your practice by moving from abstract understanding (Brahman) to inner guidance (Paramātmā) and toward loving devotion and relationship with the Supreme Person (Bhagavān) through bhakti.