AMN / NEW DELHI
In a bid to encourage people to provide information related to black money, Benami properties and transactions, the government on Friday announced the Benami information award. Under the reward scheme, informants/whistleblowers can also provide information related to the income earned on such properties by such hidden investors and beneficial owners.
The Income Tax Department issued new Benami Transactions Informants Reward Scheme-2018 in which a person can get reward up to one crore rupees for giving specific information in the prescribed manner about benami transactions and properties as well as proceeds from such properties which are actionable.
According to the Benami Transactions Informants Reward Scheme, 2018, a person/informants can get reward up to Rs 1 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.
In case you have information on black money stashed abroad, the payment can go as high as Rs 5 cr. The Rs 5 cr reward is under the Foreign Black money Act. This has been set at this high level to make it “attractive to potential sources” in foreign countries, according to the I-T department said.
Foreigners will also be eligible for such reward. The identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained.
The person who will give specific information about undisclosed black money stashed abroad will get the reward of five crore rupees. Foreigners will also be eligible for such reward. The identity of the persons giving information will not be disclosed and strict confidentiality will be maintained.
The 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.
In a statement, IT Department said the move came as 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.
Besides, the Department also launched a revised Income Tax Informants Reward Scheme. Under the revised scheme, a person can get reward up to 50 lakh rupees for giving specific information.