Income Tax Department launches Benami Transactions Informants Reward Scheme, 2018
New Delhi, Jun 1 (IBNS): The Union Ministry of Finance announced on Friday that the Income Tax Department has launched a new Benami Transactions Informants Reward Scheme, 2018, to get people’s participation in the Department’s efforts to unearth black money and to reduce tax evasion.
The ministry said in its release that 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.
The Government had earlier amended Benami Property Transactions Act, 1988, by Benami Transactions (Prohibition) Amendment Act, 2016 to make the law stronger.
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 release said.
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.
Foreigners will also be eligible for such reward.
Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained, the release said.
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