Which of the following is NOT an item of income under the head "Other Income" for a trading company?
Answer & explanation
Correct answer: option 4
The correct answer is option 4- None of the above.
As per Schedule III of the Companies Act 2013, Other income includes:
(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).