What is the quantum of interim reward for information on undisclosed foreign income/assets liable under the Black Money (Undisclosed Foreign Income and Assets) Act, 2015?
FAQs on Income tax informants reward scheme, 2018
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Interim reward for informants: payment when information leads to statutory tax determination and likely recoverable taxes. Interim reward is payable where information produces statutory determination of undisclosed foreign income/assets under the Black Money Act, 2015. Up to 3% of additional taxes directly attributable to the information, subject to a ceiling of Rs. 50 lakhs, may be granted after completion of assessment proceedings under Section 10(3)/(4), provided the authority is satisfied the assessment is likely to be sustained and the levied taxes are likely to be recovered; the reward pertains to information given in a single Annexure A form.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interim reward for informants: payment when information leads to statutory tax determination and likely recoverable taxes.
Interim reward is payable where information produces statutory determination of undisclosed foreign income/assets under the Black Money Act, 2015. Up to 3% of additional taxes directly attributable to the information, subject to a ceiling of Rs. 50 lakhs, may be granted after completion of assessment proceedings under Section 10(3)/(4), provided the authority is satisfied the assessment is likely to be sustained and the levied taxes are likely to be recovered; the reward pertains to information given in a single Annexure A form.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.