“Income Tax Informant Reward Scheme,2018” in case of reporting as Benami Property

"Income Tax Informant Reward Scheme,2018" in case of reporting as Benami Property

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“Income Tax Informant Reward Scheme,2018” in case of reporting as Benami Property

Salient Feature of the Scheme
a. A reward up to Rs. One crore (Rs. 1 crore) can be obtained by giving specific information about Benami Property assets in India and abroad.
b. Identity of the Informant shall be kept confidential and shall not be disclosed to any person/authority except when requested under any law in force or by an order of any court of law.
c. A person will be considered as an Informant only if he/she has furnished specific verifiable particulars of the Benami property in a written statement in a prescribed form.
d. An Informant shall be given a unique Informant Code and thereafter will always be identified on the basis of that Informant Code.
e. Furnishing false information/evidence is an offence.
f. An Indian resident person furnishing an information in any other mode, than in writing, such as through letter, e-mail, CD, WhatsApp, SMS, phone, posting in social networking site or publishing letter in newspaper or any other media, even if it is specific shall not be entitled for reward.
g. The informant may be required to render assistance if requested by the Income Tax Authority in matter of information given by him.
h. The reward to the informant will be based on specific information on Benami property provided in the format, Annexure-A, have obtained informant code and had assisted the Investigating Officer. It shall be released in two stages. a. Interim b. Final
Interim reward will be granted as under:
– Within four months of actual provisional attachment of the Benami property under section24(4) of the Act
– Within six months of order of confiscation of the Benami property becoming final.
i. The quantum of Interim reward shall be 1% of the fair market value of the immovable property, provisionally attached subject to a maximum of Rs. 10 lakh (Ten Lakh)
j. The quantum of final reward shall be 5% of the fair market value of the immovable property, provisionally attached subject to a maximum of Rs. 100 lakh (One Crore)
If there are more number of Benami property informed in a single information format, reward will be computed for each of the Benami property, subject to the reward quantum limitations provided above.
The steps to be followed by an Indian Resident
a. Appear in person before a Joint/Addl. Commissioner of Income Tax (Benami Property) under whose jurisdiction such Benami Property is situated. If Benami property is situate in more than one jurisdictional officer, then the information can provided to any of one of the officer.
[Office address file attached]
b. Provide the information in writing in Annexure-A [File Attched]
The steps to be followed by a Foreign Resident
a. Contact in person or by post or by an email communication to the Member (Investigation),CBDT, North Block, New Delhi-110001 and provide the specific information in writing in Annexure-A [File Attached herewith].
b. If communicated through email then it shall be to ‘member.inv@incometax.gov.in‘ with a copy marked to ‘citinv-cbdt@nic.in

 

 

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