Be a Crorepati by informing Income Tax Department
The CBDT has announced three
reward schemes under which anyone can win a reward of up to Rs 5 crores by informing
Income Tax department about the unaccounted wealth of Indians. It is an effort of the Government
to unearth the black money and reduce evasion. That is why the government has
announced these schemes to reward informers who will share specific information
of benami properties and transactions with the income tax department.
In this post, let’s take a look at all the three reward schemes under which you
can get reward of up to Rs 5 crores by informing Income Tax department.
Three Reward Schemes
1. Benami Transactions Informants
Reward Scheme, 2018
2. Income Tax Informants
Reward Scheme, 2018
3. Black Money (Undisclosed
Foreign Income and Assets) and Imposition of Tax Act
What is Benami Transactions Informants Reward Scheme, 2018?
Under this scheme, you can get
reward up to Rs. 1 crore by sharing specific information about benami transaction or property in the prescribed manner with Joint or Additional
Commissioners of Benami Prohibition Units in Investigation Directorates of Income Tax Department.
Details of the reward scheme
are available in the Benami Transactions Informants Reward Scheme, 2018, copy
of which is available in Income Tax offices and on the official website of
Income Tax Department .
What is a 'Benami' property?
Benami in Hindi means “without
name” or “no name”. Benami property means
when a property bought by an individual with his/her own money but not
disclosed under his/her name. It can include properties held in the name of
spouse or child for which the money has been paid out of known sources of
income. A joint property with relatives for which money has been paid from
undisclosed sources of income also falls under benami
property.
What is Income Tax Informants Reward Scheme, 2018?
Under this scheme, you can get
reward up to Rs. 50 lakh for providing specific information in a 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. This
is an amended version of the earlier reward scheme issued in 2007.
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 .
What is Black Money and Imposition of Tax Act?
Under this Scheme, you can
get reward up to Rs. 5 crores for giving
specific information in the prescribed
manner about substantial tax evasion on income and assets abroad which are
actionable under Black Money and Imposition of Tax Act, 2015. The reward amount
has been kept high to make this scheme attractive to potential sources in
foreign countries.
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 .
Who is eligible for these rewards?
Any individual including foreigners
will be eligible for a reward under these
schemes. The identity of the persons
giving information will not be disclosed and strict confidentiality shall be
maintained.
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