The tax department on Friday announced two reward schemes under which informants sharing ‘specific information’ about any benami transaction or property could get a reward of up to Rs 1 crore while information on undisclosed black money stashed abroad could fetch up to Rs 5 crore for the informant. According to the department’s announcement, the ‘Income Tax Informants Reward Scheme’ too has 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, which are actionable under the Income-tax Act, 1961.
The department has assured full confidentiality of informers for all reward schemes. While foreigners would also be eligible under this scheme, any government servant, who furnishes information or evidence obtained by him in the course of normal duties as a government servant, will not be eligible under these schemes.
Under the Benami Transactions Informants Reward Scheme, 2018, 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. “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,” the Central Board of Direct Taxes (CBDT) said.