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Casual receipt

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(Querist)
12 June 2008 What is the meaning of a casual receipt?
Explain on the taxability/exemption in respect of the same.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
12 June 2008 Where an income is through a non-habitual, non-vocational, non-periodical activity or transaction other than those specifically covered in the tax law, it is casual in nature. The income is taxable.

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