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WANT TO EARN FROM 50 LAKH TO 5 CRORE? BECOME AN INCOME TAX INFORMER

By Siddharth Singh . 2nd June 2018 07:43pm
WANT TO EARN FROM 50 LAKH TO 5 CRORE? BECOME AN INCOME TAX INFORMER

If you have any specific information about any 'benami' transaction or property you have a chance to win up to 50 lakh to 1 crore as a prize money, while the amount enhances up to 5 crores for black money stashed abroad. You need not be an Indian citizen to cash in the prize any foreigner or Indian national can inform Joint or Additional Commissioners about benami transactions and properties which then will be 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, they further added;

Under the Benami Transactions Informants Reward Scheme, 2018, a person can get reward up to 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
  In its official statement, the tax department had said that it had found in many cases that the black money was invested in properties in the name of others, even though the benefits were being enjoyed by the conceded ownership. The government had also earlier amended Benami Property Transactions Act, 1988, by Benami Transaction (Prohibition) Amendment Act, 2016 to make the law more stringent. The latest development is in order to obtain more participation by people in the Income Tax Department and to unearth the hidden black money. The new reward scheme has been titled as Benami Transactions Informants Reward Scheme, 2018.