Uma
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narahari
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CAPITAL RECEIPTS--- receipts relating to fixed capital are capital receipts
REVENUE RECEIPTS-- receipts relating to circulating capital are revenue receipts.
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veeru
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CAPITAL RECEIPTS--- receipts relating to fixed capital are capital receipts
REVENUE RECEIPTS-- receipts relating to circulating capital are revenue receipts.
CAPITAL RECEIPTS---Compensation received for extinction of a profit earning source is a capital receipt.
REVENUE RECEIPTS---Compensation received for loss of profits or earnings is a revenue receipt
lochan
answered
**CAPITAL RECEIPTS AND REVENUE RECEIPTS**
CAPITAL RECEIPTS--- receipts relating to fixed capital are capital receipts
REVENUE RECEIPTS-- receipts relating to circulating capital are revenue receipts.
CAPITAL RECEIPTS---Compensation received for extinction of a profit earning source is a capital receipt.
REVENUE RECEIPTS---Compensation received for loss of profits or earnings is a revenue receipt.
CAPITAL RECEIPTS-- receipt in substitution of source of income is a capital receipt
REVENUE RECEIPTS--Receipt in substitution of income is revenue receipt.
CAPITAL RECEIPTS-- capital receipts are exempt from tax unless expressly taxable
REVENUE RECEIPTS--Revenue receipts are taxable unless expressly exempt from tax.
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