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Direct taxes: gift taxes, income tax, wealth tax.
These are known as direct taxes because the burden of taxes
is not shifted from the payer to the bearer.
Indirect taxes: sales tax, excise duties, custom duties.
In this, the burden is shifted to the bearer.
Capital receipts: government borrowings from world bank,
from public, recovery of loans.
They cause the reduction in the government assets and also create
liability for the government.
Revenue receipts: receipts from direct taxes, from indirect
taxes, from the government.
They neither creates any liability nor any reduction in the
assets of the government.
Revenue deficit: revenue expenditure – revenue receipts
Fiscal deficit: budget expenditure – budget receipts.