Amended and updated notes on section 61 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to revocable transfer of assets.
Chapter V (Sections 60 to 65) of the Income Tax Act 1961 deals with the provisions related to Income of other persons included in assessee’s total income. Section 61 of IT Act 1961-2023 provides for revocable transfer of assets.
Recently, we have discussed in detail section 60 (Transfer of income where there is no transfer of assets) of IT Act 1961. Today, we learn the provisions of section 61 of Income-tax Act 1961. The amended provision of section 61 is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 61 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.
Section-61: Revocable transfer of assets
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.