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​ Are all receipts, i.e., capital and revenue receipts, charged to tax?

QuestionsCategory: Income Tax​ Are all receipts, i.e., capital and revenue receipts, charged to tax?
1 Answers
AayushPareek Staff answered 5 months ago

The general rule under the Income-tax Law is that all revenue receipts are taxable, unless they are specifically granted exemption from tax and all capital receipts are exempt from tax, unless there is a specific provision for taxing them