What is the difference between remittance and receipt of income-02125
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vu mgt602 Entrepreneurship.
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vu mgt602 Mid Term Solved Past Paper No. 2.
Question 1: What is the difference between remittance and receipt of income? Which one is chargeable to taxable?
Answer:
Difference between remittance and receipt of income
Receipt of income is the money that you receive and you might have to return it on a laterstage. Further the receipt can be on sale of goods, or business receipts out of which theprofit shall be your income. If salaried, the salary is your income for the purpose of taxcalculations.
While a remittance is a transfer of money by a foreign worker to his or her home
country. See "Remittance Man" below for the historical use of the word, which is theopposite of the modern use.
