Refund of income tax is shown under which head of the statement of profit and loss of a company?
Options:
Income
Other income
Revenue from operations
None of these
Correct Answer:
Other income
Explanation:
Other income (i) Interest income (in case of a company other than a finance company), (ii) Dividend income, (iii) Net gain/loss on sale of investments, (iv) Other non-operating income (net of expenses directly attributable to such income).