Saturday, June 2, 2018

Tip off I-T dept on black money, get up to ₹5cr reward
Applicable For Foreigners Too

TIMES NEWS NETWORK

New Delhi 02.06.2018


: The income tax department launched the Benami Transactions Informants Reward Scheme on Friday under which a person can get a reward of up to ₹1 crore for giving information to tax authorities about benami transactions and properties of Indians within the country.

A similar reward scheme for information about benami assets in foreign countries can earn a reward of up to ₹5 crore with even foreigners eligible for the reward. “With the objective of obtaining people’s participation in the I-T department’s efforts to unearth black money, a new reward scheme has been issued, superseding the earlier reward scheme,” a Central Board of Direct Taxes (CBDT) press release said.

“For information about income and assets actionable under the Black Money Act, a reward of up to ₹5 crore has been introduced in the new scheme,” the CBDT said. The amount has been kept high to make it attractive to potential sources in foreign countries,” the tax authority said.

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I-T reward scheme is also applicable to foreigners

The reward scheme is also applicable to foreigners who come forward with information on benami assets.

The I-T department has also amended the existing “Income Tax Informants Reward Scheme” under which a person can get a reward of up to Rs 50 lakh for giving actionable information about evasion of tax on income or assets in India.

The I-T department is already empowered to investigate assets of Indians in foreign countries under the Black Money (Undisclosed Foreign Income and Assets) Act. Under the 2015 act, the department can recover tax on such undisclosed assets and impose penalty and launch prosecution.

In a statement, the tax department said it was found in many cases that black money was invested in properties in the name of others, even though benefits were enjoyed by the investor concealing his/her beneficial ownership in his/her tax returns.

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