Income Tax Department issues Revised Income Tax Informants Reward Scheme, 2018
With the objective of obtaining people’s
participation in the Income Tax Department’s 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.
Income Tax Informants Reward Scheme,
2018 : full Scheme Link :
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 .
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