The Income Tax Department has come up with a new reward scheme called the Benami Transactions Informants Reward Scheme, under which, an individual can get a reward of up to Rs 1 Crore on reporting information about benami (illegal) property and transactions of Indian citizens in India.
In a bid to hunt down black money, benami property and any illegal transactions, the government has come up with a smart scheme which will appeal common people to act as taxation officers and report any illegal financial transaction or property holding – in exchange of a fat reward of up to Rs 1 crore. Under the Benami Transactions Informants Reward Scheme, any individual including foreigners can inform Joint or Additional Commissioners about benami property or transactions which can be tried under the Benami Transactions (Prohibition) Amendment Act, 2016. The information must be provided under specific prescribed manner and one can receive a reward worth Rs 1 Crore just for exposing benami holdings of Indian citizens in the country.
Besides this, there is another similar mega-scheme under which, providing information about benami assets in foreign countries can earn a reward of up to Rs 5 crore; these assets can be property or black money – and anyone can participate in this scheme, including foreigners. And there is one more chance to win reward – the Income Tax Informants Reward Scheme, under which, a person can get reward up to Rs 50 lakh for giving specific information about substantial evasion of tax on income or assets in India, which are actionable under the Income-tax Act, 1961. And the IT Department assures that full confidentiality of the informer for all the reward schemes will be maintained and their details will never be disclosed.
These reward schemes have been launched by the government with a goal to gain people’s participation in the IT department’s tries to uproot black money, benami properties and reduce tax evasion across the country. The award has been kept high to attract people to report such illegal holdings and it is kept even higher for foreign assets so that it can attract potential sources in foreign countries to provide information. It is like exposing bemani property and become a crorepati; are you up for it?