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of <h1>Income Tax Bill 2025: Understanding 'Transfer' and 'Revocable Transfer' Definitions in Clause 98 to Prevent Tax Avoidance</h1> The Income Tax Bill, 2025 includes Clause 98 which defines 'transfer' and 'revocable transfer' for sections 96-98, similar to Section 63 of the Income Tax Act, 1961. Both provisions broadly define 'transfer' to include settlements, trusts, covenants, agreements, and arrangements. A 'revocable transfer' encompasses provisions for direct or indirect re-transfer of income/assets to the transferor or arrangements allowing transferors to reassume power over them. These definitions aim to prevent tax avoidance by ensuring income is taxed in the hands of those who effectively control it, upholding the principle of substance over form in taxation.
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