Become an I-T whistle-blower, earn up to Rs. 5cr
Sharing "specific information" with the income tax department about any undisclosed black money stashed abroad could earn you up to Rs. 5 crore. The Central Board of Direct Taxes (CBDT) today announced Benami Transactions Informants Reward Scheme, 2018, under which any person can inform Joint or Additional Commissioners about benami transactions and properties actionable under the Benami Transactions (Prohibition) Amendment Act, 2016.
Aimed to encourage people to give information about benami transactions
The 'Income Tax Informants Reward Scheme' has also been amended under which a person can get reward up to Rs. 50 lakh for giving specific information about substantial evasion of tax on income or assets in India, actionable under the Income-tax Act, 1961. This reward scheme is aimed at encouraging people to give information hidden by investors and owners, the CBDT said.
Department respects full anonymity of informers
The tax department also assured full confidentiality of the informer for all the reward schemes. With regard to information shared with the I-T authorities about any undisclosed black money held overseas actionable under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, an informer could earn a reward up to Rs. 5 crore.
I-T department's hopeful efforts to unearth black money
The department said it was found that often black money was invested in properties in the name of others, even though benefits were enjoyed by the investor, concealing his beneficial ownership in his tax returns. With the objective of obtaining people's participation in the I-T Department's efforts to unearth black money, a reward scheme titled Benami Transactions Informants Reward Scheme, 2018 has been issued.