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Who-is-regarded-as-Assessee
Income Tax for Starters (Basics)

In Simple words, we can say that Assessee is a person who is liable to pay any tax or any sum of amount payable or have any obligation to pay tax as per the Section 2(7) of the Income Tax Act,1961. Also assessee can be termed as each and every person for whom Any proceedings have been taken under the act for the assessment of his income Fringe benefits, Income of any other person for whom he is considered accessible Any loss sustained by him or by such other personSEE DETAILS

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What-are-Revenue-and-Capital-receipts
Income Tax for Starters (Basics)

Receipts are the earning of the company and through it revenue is generated. Not all the receipts contribute towards the profit and loss in business. Receipts can be categorized as Revenue receipts and Capital receipts. To some extent, we can say that revenue receipts affect the profit and loss of the business and capital receipts don’t. For a better understanding of the revenue receipts and capital receipts let’s discuss these terms in detail. What do you understand by Revenue Receipts? Revenue receipts are money earned by a business through itsSEE DETAILS

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