Question

What is income other income and total income of a company?

Answer 1

Income is money (or some equivalent value) that an individual or business receives in exchange for providing a good or service or through investing capital. ... In businesses, income can refer to a company's remaining revenues after paying all expenses and taxes. In this case,income is referred to as "earnings.”Other income is income that does not come from a company's main business, such as interest. Examples of other income includeincome from interest, rent, and gains resulting from the sale of fixed assets. Companies present other income in a separate section, before income from operations.Total Income is the income on which tax liability is determined. It is necessary to compute total income to ascertain tax liability. Section 80C to 80U provides certain deductions which can be claimed from GrossTotal Income (GTI).