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.
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.
