Distinguish between:
- Capital receipts and revenue receipts.
- Direct tax and indirect tax.
CBSE DELHI - SET 1 2010
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- Receipts which lead to either reduction in assets or increase in liabilities are called capital receipts. Receipts which neither reduce assets not create any liability are revenue receipts.
- Direct tax is a tax whose incidence and impact fall on the same person. Indirect tax is tax whose incidence and impact fall on different persons.
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