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Are all receipts considered as income?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 kiran asked almost 3 years ago

Hi I am preparing for CA exam. I want to know, Are all receipts considered as income?

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2 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 2 years ago

Revenue receipt: Income from source such as salary, interest accrued on deposits, rent from property is termed as revenue receipt. The general rule under the Income tax Act is that, all revenue receipt are taxable unless a receipt is specifically exempted and all capital receipts are exempt from taxation unless there is a provision to tax it. Gifts and loans etc. are in the nature of capital receipts not attracting tax.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 aakash answered almost 3 years ago

A receipt is your entire income before tax deductions. Not all receipts are considered as income. Basically, they are of two kinds: 1. Capital receipt: This is the income earned by selling the source or asset. For example, income earned from selling a property, gold, etc. 2. Revenue receipt: Income from source such as salary, interest accrued on deposits, rent from property is termed as revenue receipt. The general rule under the Income tax Act is that, all revenue receipt are taxable unless a receipt is specifically exempted and all capital receipts are exempt from taxation unless there is a provision to tax it. Gifts and loans etc. are in the nature of capital receipts not attracting tax.

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