The income tax department is offering up to Rs 5 crore for any specific information on any benami transaction or property in black money stashed abroad. Other benami transactions could fetch up to Rs. one crore. The 'Income Tax Informants Reward Scheme' has also been amended 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.
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 tax department also assured full confidentiality of the informer for all the reward schemes saying that the identity of the persons giving information will not be disclosed.
With regard to information shared with the I-T authorities about any undisclosed black money held overseas under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, an informer could earn a reward up to Rs 5 crore.
With the objective of obtaining people's participation in the Income Tax Department's efforts to unearth black money and to reduce tax evasion, a new reward scheme titled "Benami Transactions Informants Reward Scheme, 2018" has been issued by the Income Tax Department.