Sunday , September 23 2018

Income Tax Informants Rewards Scheme CBDT 2018

Income Tax Informants Rewards Scheme CBDT 2018

To boost the informers’ numbers in the public on finding the tax evasion persons in the Indian society, the CBDT (Central Board of Direct Taxes) has introduced this new scheme named Informants Rewards Scheme 2018.

Launch Details

On the 23rd of April 2018, the Ministry of Finance Department of Revenue has sent a circular to all CCA (Chief Commissioners of Income Tax Department) about the introduction and the guidelines to be follow on the newly purposed Income Tax Informants Rewards Scheme, 2018.

The circular which sent along with the guidelines from the central government Ministry has stated that the new informants’ rewards scheme 2018 will be effect from the date of issue which is 23rd of April 2018 onwards.

Key features

  1. About Informants Rewards Scheme 2018
  • This new reward scheme launched by the CBDT (Central Board of Direct Taxes) under the governance of Ministry of Finance and Revenue has granted a new rules and regulations to be follow while offering the payment of rewards to the informers.
  • The information provided by the informer about a person should substantial tax evasion as per the rule quoted on IT Act, 1961 and also cited in the Black Money and Imposition of Tax Act 2015.
  1. Cash Reward
  • For the informers, who provide valuable and correct information about the financial culprits who have done the tax evasion will rewarded with the cash amount of Rs. 5 Crore by the CBDT, central government.
  1. Previous Cash Amount
  • So, far in the country India, for the informants who leaked the valuable information about the person who involved in the tax evasion activity will be paid with the Rs. 1 Lakh or 10% of the tax liability amount recovered from the offender with the maximum cap of Rs. 15 Lakh.
  1. Highlights of Income Tax Informants Rewards Scheme 2018
  • Under this newly introduced tax informants rewards scheme 2018, the informers will be able to get the cash reward amount of Rs. 5 crore only by providing the valuable information about the assets cited in India and as well as in abroad.
  • And just like the old, the identity and other information about the informers will be kept secret by the tax recovering officials. So that the informers no need to afraid of getting exposed.
  • The most highlighting point to be noted is, informers who provided valuable information prior to the implementation of the this new Tax Informants Rewards Scheme 2018 too can eligible to avail the cash rewards as mentioned.
  • Only for the cases in which the tax evasion amount which can be recoverable by the income tax department can comes within this new informant reward scheme 2018. Also, the informant needs to provide full details about the tax evasion in the written statement to the concern department.

By introducing this new income Tax informant’s rewards scheme 2018, the CBDT department has taken a big step forward to increase the part of public on recovering the tax evasion amount from the society.

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