Are All Receipts Considered As Income?

Are all receipts considered as income?

Free Legal Advice - taxation

Posted by: Yashika Tanwar

Posted on: 2018-09-04

No.Receipts can be classified into two kinds. A) Revenue receipt B) Capital receipt. As per the Income-tax Act, 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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Are All Receipts Considered As Income?