Section 60- Transfer of Income Where There Is No Transfer of Assets
#section60 #transfer #assets #revocable #irrevocable #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. According to Section 60 of The Income Tax Act, 1961, “All income arising to any persons 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