What are receipts? Are all receipts considered as income?

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.