Income Tax Dept of India Will Reward Up to 5 Crore: Know How It Works

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Income Tax Dept of India Will Reward Up to 5 Crore
Income Tax Dept of India Will Reward Up to 5 Crore

Now all the existing Reward Scheme is replaced, and implementation of new reward with protection is introduced in the system.

CBDT has said that their existing reward scheme is has been changed, with newer scheme and protection is been included for the whistleblowers.

Income Tax Dept of India Will Reward Up to 5 Crore
Income Tax Dept of India Will Reward Up to 5 Crore

Since the inception, everyone is scared of Income Tax Dept, but this change in the reward system will definitely change the perception of Income Tax in everyone’s mind.

Now, Income Tax Dept. wants to offer you a reward up to Rs 5 Crore, and all you need to do is inform them about tax evaders.

Get to know the whole process that, how can you avail the reward.

Get Rewarded Up to Rs 5 Crore for Disclosing Tax Evader’s Information

For all the people who wish to inform about the tax evaders and information about black money, Income Tax Dept. runs an “Income Tax Informants Reward Scheme” to reward them with a special amount of money.

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

In a recent 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 as Benami Transaction Informants Reward Scheme, 2018.

The objective remains the same, just scoop out tax evaders and unearth more black money hidden abroad.

Brand New Reward from Income Tax Dept. For Being an Informer

As per the new “Income Tax Informants Reward Scheme 2018”. All the information regarding black money hoarders and tax evaders can get up to Rs 5 Crore reward, under various multiple categories.

If anyone gives information about tax evaders, then reward of Rs 50 lakh has been provisioned, with no further question asked.

In any case, someone offers a tip about black money hoarded outside India then reward of Rs 5 crore has been announced.

If the information is true and accurate the tax evaders would be tied under Benami Transaction (Prohibition) Amendment Act, 2016, and further strict action would be taken against them under the act.

Where to Inform?

According to the release shared by Central Board of Direct Taxes (CBDT), anyone can inform Additional or Joint Commissioners of Benami Prohibition Units (BPU’s) in Investigation Directorates of Income Tax Department about income tax, evasion, and black money or Benami transaction to get the reward.

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

The interesting part is both Indians and Foreigners are eligible for the reward.

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

In a press release, it was 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.”

This can be one of the best chance to earn money, also it would be helpful for the nation.

Do you know any tax evader? If yes you know the process get rewarded now!

Stay tuned for latest update.

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