Be a Crorepati by informing Income Tax Department | Know How?

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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Be a Crorepati by informing Income Tax Department | Know How?