What are Profits chargeable to tax? What is Transfer of income where there is no transfer of assets? What is Revocable transfer of assets? Section 59, 60 and 61 of Income Tax Act 1961

Profits chargeable to tax, Transfer of income where there is no transfer of assets and Revocable transfer of assets are defined under section 59, 60 and 61 of Income Tax Act 1961. Provisions under these Sections are:

Section 59 of Income Tax Act "Profits chargeable to tax"

Section 59. (1) The provisions of sub-section (1) of section 41 shall apply, so far as may be, in computing the income of an assessee under section 56, as they apply in computing the income of an assessee under the head "Profits and gains of business or profession".
(2) -
(3) -

 

Section 60 of Income Tax Act "Transfer of income where there is no transfer of assets"

Section 60. All income arising to any person by virtue of a transfer whether revocable or not and whether effected before or after the commencement of this Act shall, where there is no transfer of the assets from which the income arises, be chargeable to income-tax as the income of the transferor and shall be included in his total income.

Section 61 of Income Tax Act "Revocable transfer of assets"

Section 61. All income arising to any person by virtue of a revocable transfer of assets shall be chargeable to income-tax as the income of the transferor and shall be included in his total income.

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