Question

is rent for premises sublet a income

Answer 1

Yes, rent from subletting is considered as the income. However classification in the profit and loss account could be different depending upon the nature of business of the firm.

If the firm is engaged in business of renting and selling of properties and real estates then it would be considered as operating income.

If the firm has engaged in any other business like selling clothes, then it would considered as income form other sources or "other incomes".