Revenue receipts are taxable unless specifically exempted, while capital receipts are exempt unless law specifically taxes them. The Income-tax law provides that revenue receipts are taxable unless specifically exempted, whereas capital receipts are exempt unless a specific ... Summary
Revenue receipts are taxable unless specifically exempted, while capital receipts are exempt unless law specifically taxes them.
The Income-tax law provides that revenue receipts are taxable unless specifically exempted, whereas capital receipts are exempt unless a specific statutory provision taxes them; taxability therefore depends on receipt characterisation and on whether an exemption or charging provision applies.
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