Income Tax Department issues Revised Income Tax Informants Reward Scheme, 2018

A new reward scheme titled “Benami Transactions Informants Reward Scheme, 2018”, has been issued by the Income Tax Department with the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money & to reduce tax evasion.

For the first time ever, Govt has introduced reward up to ₹5 crore with objective of attracting & encouraging people to give info.about such income & assets as are actionable under the Black Money(Undisclosed Foreign Income & Assets)& Imposition of Tax Act, 2015.

Foreigners will also be eligible for such reward. Identity of the persons giving information will not be disclosed.

The Government of India issues revised “Income Tax Informants Reward Scheme, 2018”,superseding the earlier reward scheme issued in 2007. under which any person, including foreigners, can inform Joint or Additional Commissioners about benami transactions and properties which can be tried under the Benami Transactions (Prohibition) Amendment Act, 2016.

Sharing “specific information” with the income tax department about any BENAMI transaction or property could earn you up to Rs 1 crore, while the same for undisclosed black money stashed abroad could fetch upto Rs 5 crore . Where as earn 50 lakhs for giving specific information about substantial evasion of tax on income or assets in India, which are actionable under the Income-tax Act, 1961.

Income Tax Department issues Revised Income Tax Informants Reward Scheme, 2018

Posted On: 01 JUN 2018 1:09PM by PIB Delhi

            With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the earlier reward scheme issued in 2007.

            Under the revised scheme, a person can get reward up to Rs. 50 lakh for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961.

Further, Government of India had earlier introduced Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, in order to investigate and assess income and specific assets kept in foreign countries by people taxable in India, recover tax on it and take other actions like penalty and prosecution. With the objective of attracting and encouraging people to give information about such income and assets actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, reward up to Rs. 5 crore has been introduced in the new reward scheme. The amount has been kept high to make it attractive to potential sources in foreign countries. Under this Scheme, a person can get reward for giving specific information in prescribed 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.

Information under this scheme has to be given in prescribed 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. Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained.

Details of the revised reward scheme are available in the Income Tax Informants Reward Scheme, 2018, copy of which is  available  in Income Tax offices and on the official website of Income Tax Department www.incometaxindia.gov.in .

Under the Scheme, a person can get reward upto ₹ 1 crore for giving specific information in prescribed manner to Joint/Addl. Commissioners of Benami Prohibition Units (BPUs) in Investigation Directorates of the Deptt. about benami transactions and properties.

This reward scheme is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties by such hidden investors and beneficial owners.

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Yogesh Parmar have vast knowledge in the field of Goods and Services Tax (GST). He is regularly conducting seminars on GST at various location for business personal to provide the knowledge about impact of GST on their business and how compliance should be made. He is founder of "www.etaxupdates.com" through which he is sharing his knowledge and latest amendments, circulars, notifications etc related to all type of taxes. He is also associated with some software development companies and providing advisory service and help to understand technical aspect of GST. He is also serving as functional manager as well as tester to those company which is developing software for GST.

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