Income Tax Informants Reward Scheme, 2018 – Get to a reward of 5 crore rupees by I-T department.
Income Tax Informants Reward Scheme, 2018
Sharing “specific information” with the income tax department about any Benami transaction or property could earn you up to one crore rupees, while the same for undisclosed black money stashed abroad could fetch up to 5 crore rupees.
What is Benami property?
A property that is purchased by an individual in some other name than his is called Benami property.
It can include property held in the name of spouse or child for which the amount is paid out of known sources of income.
Those transactions are involved in the same is called Benami transaction.
Highlights on Income Tax Informants Reward Scheme, 2018
· A person can get reward for giving specific information in proposed manner about substantial tax evasion on income and assets abroad which are actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
· If a person shares “specific information” with the income tax department about any Benami transaction or property, he/she could earn up to one crore rupees whereas information on undisclosed black money stashed abroad could fetch up to 5 crore rupees for the informant.
· Information under this scheme has to be given in proposed manner to the Director General of Income Tax (Investigation) or an officer whom he may authorize in this behalf.
· Foreigners will also be eligible for reward under this scheme. The amount has been kept high to make it attractive to potential sources in foreign countries.
Note: Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained.