Income Tax

Benami Transactions Informants can get reward up to Rs. One crore under the Benami Transactions Informants Reward Scheme 2018

Benami Transactions Informants can get reward up to Rs. One crore under the Benami Transactions Informants Reward Scheme 2018

The CBDT has introduced Benami Transactions Informants Reward Scheme 2018 for the reward scheme for informants giving information of benami property actionable under Prohibition of Benami Property Transactions Act, 1988, as amended by Benami Transactions (Prohibition) Amendment Act, 2016.

Under the Scheme an informant can get reward up to Rs. One crore for giving specific information of benami property. The identity of the informant shall be kept confidential.

For the purpose of this scheme, ‘Informant’ means a person or group of individuals who have been allotted ‘Informant Code’ and have given specific information in Annexure-A about one or more movable or immovable benami property(ies) of which the fair market value, as defined in the Act, of movable property, and circle rate, as defined in this Scheme, of immovable property is more than Rs. One crore.

A person shall not be entitled to any reward under the scheme if he is not an informant under the scheme, even if such person has furnished specific information of benami property in any other manner, e.g., through letter, e-mail, CD, Whats App, SMS, phone, posting in social networking site or publishing letter in newspaper or any other media.

‘Specific information’ under the scheme shall include only the following:
(i) verifiable particulars of the benami property;
(ii) name and address of the person in whose name the property has been acquired (benamidar); and
(iii) credible basis including supporting evidence for the information that the property was actually benami property.

Any person who wants to give specific information in expectation of reward may contact the Joint Commissioner of Income Tax/Additional Commissioner of Income Tax (Benami Prohibition) having jurisdiction over the place where the benami property is situated.

An informant under the scheme can be granted interim & final reward by the competent authority.

Download Benami Transactions Informants Reward Scheme 2018 Click Here >>

Share

Recent Posts

  • GST

GST Advisory & FAQs on Electronic Credit Reversal & Re-claimed Statement & RCM Liability

GSTN Advisory & FAQs related to Electronic Credit Reversal and Re-claimed Statement and RCM Liability/ITC Statement To ensure correct and…

8 hours ago
  • Income Tax

Negligence of tax payer would not make exempt income taxable – ITAT

It is well settled that if any receipt cannot be subjected to tax being exempt under law, negligence of any…

18 hours ago
  • GST

For a notice sent by GSTN Portal no inference may be drawn as to its actual service

Since UPGST Authorities unable to inform when notice sent by GSTN Portal may have been retrieved or downloaded, no inference…

1 day ago
  • Income Tax

Cash deposit of Rs. 250000 cr (credit) misread as crores by AO – Plea declined

High Court declines plea of assessee that Income Tax Department wrongly read amount of cash deposit of Rs. 250000 Cr…

1 day ago
  • Income Tax

Discontinuance of business of firm will not vest ownership of firm’s property with partners

Discontinuance of business of partnership firm will not result in vesting ownership of firm's property with individual partners for capital…

2 days ago
  • Income Tax

Release of seized jewellery/gold u/s 132B within 120 days is directory not mandatory

Stipulation of 120 days for release of seized jewellery/gold u/s 132B is directory not mandatory – Delhi High Court In…

2 days ago