Income Tax Dept. Will Reward You Upto Rs 5 Crore – This Is How You Can Earn It!

CBDT has said that their existing Reward Scheme, has been changed, as newer rewards and more protection has been included for the whistleblowers.

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New Rewards From Income Tax Dept.

The Income Tax department is usually known for taking money from us; but here, this has changed.

Now, Income Tax dept. wants to give you a reward up to Rs 5 crore, and all you need to do is inform them about tax evaders.

What are the rewards, and exactly you can avail them? Keep reading to know more!

Get Rewarded For Disclosing Tax Evaders’ Information!

Income Tax Dept. runs an ‘Income Tax Informants Reward Scheme’ for those, who wish to inform them about tax evaders and information about black money stashed abroad.

Now, this scheme has been revamped and redesigned with some big rewards, along with complete protection of the identity of the informer.

In a press release, Central Board of Direct Taxes (CBDT) has said that their existing Reward Scheme, which was active since 2007 has been changed, as newer rewards and more protection has been included for the whistleblowers.

The new scheme is named: Benami Transactions Informants Reward Scheme, 2018.

As per IT Dept., the objective remains the same: Scoop out tax evaders and unearth more black money hidden abroad.

New Rewards From Income Tax Dept. For Becoming An Informer!

As per the new ‘Income Tax Informants Reward Scheme 2018’, information related to black money hoarders and tax evaders can get you up to Rs 5 crore reward, under various different categories.

To start with, if anyone offers information about tax evaders, then reward of Rs 50 lakh has been provisioned, no question asked.

And, in case anyone gives a tip about black money hoarded outside India, then reward of Rs 5 crore has been announced.

If true, then the tax evaders would be tried under Benami Transactions (Prohibition) Amendment Act, 2016, and strict action would be taken against them.

Where Should You Inform?

As per the press release shared by Central Board of Direct Taxes (CBDT), anyone can inform Joint or Additional Commissioners of Benami Prohibition Units (BPUs) in Investigation Directorates of Income Tax Department about black money, income tax evasion or Benami transactions to get the reward.

Once it has been established that the particular action is against Benami Property Transactions Act, 1988, as amended by Benami Transactions (Prohibition) Amendment Act, 2016, the informant will be rewarded.

Interestingly, both Indians and foreigners are eligible for the rewards.

Income Tax Dept. has assured full protection of identity for the informants.

The press release said,

“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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