“What is revenue receipt and capital receipt? ” Question in progress 0 Basic of Tax Rates, Income Tax NEITI MODI 5 months 1 Answer 86 views 0
Answer ( 1 )
Receipts can be classified into two kinds: A) Revenue receipt, B) Capital receipt.
Revenue receipts are recurring in nature like salary, profit from business, interest income, etc.
Capital receipts are generally of isolated nature like receipt on account of sale of residential building, personal jewellery, etc.