ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Income or Capital

Income or Capital? A Bagchi Since income tax is a tax an income and not on capital, capital sums are not eligible to ` tax. People therefore attempt to sell their future income for a capital sum, in an attempt to avoid income tax. Income being the base, the distinction between a revenue receipt and a capital receipt is, therefore, of crucial importance to any system of income taxation.

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