Accountancy, asked by harlaprachacharya, 1 year ago

Why is distinction between capital and revenue important

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Answered by sawakkincsem
0
If one does not know the difference between capital and revenue he can not count the real taxable income because
1- On revenue receipts income tax is imposed. 
2- Income tax is imposed on capital receipts.
3- Capital receipt do not allow deduction.
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