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Income Tax Informants Reward Scheme, 2018
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....ncome Tax Informants Reward Scheme, 2018 <br>News and Press Release<br>Dated:- 1-6-2018<br><BR>Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 1st June, 2018 PRESS RELEASE Revised Income Tax Informants Reward Scheme, 2018 With the objective of obtaining people's participation in the Income Tax Department's efforts to unearth black money....
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.... and reduce tax evasion, a new reward scheme titled "Income Tax Informants Reward Scheme, 2018" has been issued by the Income Tax Department, superseding the earlier reward scheme issued in 2007. Under the revised scheme, a person can get reward up to ₹ 50 lakh for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Departm....
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....ent about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961. Further, Government of India had earlier introduced Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, in order to investigate and assess income and specific assets kept in foreign countries by people taxable in India, recover tax on it and take ....
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....other actions like penalty and prosecution. With the objective of attracting and encouraging people to give information about such income and assets actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, reward up to ₹ 5 crore has been introduced in the new reward scheme. The amount has been kept high to make it attractive to potential sources i....
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....n foreign countries. Under this Scheme, a person can get reward for giving specific information in prescribed manner about substantial tax evasion on income and assets abroad which are actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Information under this scheme has to be given in prescribed manner to the Director General of Income Tax (Invest....
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....igation) or an officer whom he may authorize in this behalf. Foreigners will also be eligible for reward under this scheme. Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained. 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 o....
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....fficial website of Income Tax Department www.incometaxindia.gov.in . (Surabhi Ahluwalia) Commissioner of Income Tax (Media & Technical Policy) Official Spokesperson, CBDT.<BR> News - Press release - PIB....