Other Income refers to the revenue generated from activities that are not part of the primary operations of a business. It is a crucial component of a profit and loss statement, offering insights into ancillary revenue streams.
The process of distributing a tax charge among different sources of income to ensure appropriate tax liability allocation.
Total income refers to the income of a taxpayer from all sources before any income-tax allowances are applied. This is often referred to as statutory total income and includes income calculated on various bases depending on the source of income. This concept is pivotal for calculating a person's income tax for a given year.
