CBDT issues reward schemes for Income Tax Informants

Income Tax Informants Rewards Scheme 2018

Income Tax Informants Rewards Scheme 2018 has been launched by Income Tax department.
A person can get reward up to Rs. Five crore by giving specific information about evasion of Income tax on income and assets in India and abroad. Identity of the informant shall be kept confidential.
The information should be furnised in the prescribed form given in the scheme.
The press release is given below :

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 1st June, 2018
PRESS RELEASE
Revised Income Tax Informants Reward Scheme, 2018

With the objective of obtaining peoples participation in the Income Tax Departments 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 .

(Surabhi Ahluwalia)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT.

Income Tax Informants Rewards Scheme 2018

Benami Transactions Informants Reward Scheme 2018

A person can get reward up to Rs. One crore for giving specific information of benami property. Identity of the informant shall be kept confidential.
The information should be furnished in the prescribed form given in the scheme.
The press release is given below :

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 1st June, 2018
PRESS RELEASE

Benami Transactions Informants Reward Scheme, 2018
It was found in many cases that black money was invested in properties in the names of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns. The Government had earlier amended Benami Property Transactions Act, 1988, by Benami Transactions (Prohibition) Amendment Act, 2016 to make the law stronger. With the objective of obtaining peoples participation in the Income Tax Departments efforts to unearth black money and to reduce tax evasion, a new reward scheme titled Benami Transactions Informants Reward Scheme, 2018, has been issued by the Income Tax Department. 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.
Under the Benami Transactions Informants Reward Scheme, 2018, a person can get reward upto Rs. One crore for giving specific information in prescribed manner to the Joint or Additional Commissioners of Benami Prohibition Units (BPUs) in Investigation Directorates of Income Tax Department about benami transactions and properties as well as proceeds from such properties which are actionable under Benami Property Transactions Act, 1988, as amended by Benami Transactions (Prohibition) Amendment Act, 2016.
Foreigners will also be eligible for such reward. Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained.
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 www.incometaxindia.gov.in .

(Surabhi Ahluwalia)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT.

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Benami Transactions Informants Reward Scheme 2018

Kindly also refer : Guidelines for Grant of Reward to Informants leading to Recovery of Irrecoverable Taxes 2015

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