Eyes on you: Income Tax involves “people’s participation” to unearth black money by introducing informant reward scheme

New Delhi, June 1: Beware, you are under surveillance. For those who still think their black money is safe and sound think again! In a new move to involve people’s participation in unearthing the black money, the government has launched the ‘Benami Transaction Informants Rewards Scheme 2018’. According to this the people (informants) have the right to file a complaint against someone who hails black money which 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.

So if you think anyone around you hails any sort of benaam property and black money, you can get complete detail about the scheme and the process on the website. Details of the reward and other relatable information have been stated on the official website and you can even contact the Income-tax officials regarding the same. All you need to do is visit the Income Tax Department website Income Tax

  

 

Amending the ‘Benami Property Transactions Act, 1988, by Benami Transactions (Prohibition) Amendment Act, 2016, the government had made laws much stronger than earlier. The objective to involve reward was meant for 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.

 

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. So basically according to this scheme, the person can get a reward of around Rs 1 crore for informing the Income Tax department.

 

The foreigners are also eligible to participate in this unique initiative taken up by the government. However, the identity of the person letting out the information will not be disclosed and strict confidentiality will be maintained.