Income Tax

Guidelines for dealing with information under Benami Transactions Informants Reward Scheme 2018

Guidelines for dealing with information under Benami Transactions Informants Reward Scheme 2018.  

The CBDT has laid down the guidelines for for dealing with information under the Benami Transactions Informants Reward Scheme, 2018 (‘the Scheme’) in the form of internal procedure for dealing with the matters under the Scheme to ensure timely and proper handling of the matters therein.

Informant Code

As per the procedure, an informant code comprised of eleven alphanumeric characters may be allotted to the individual or groups of individuals as the case may be. All information provided by an Informant under the scheme at any point of time shall be recorded against the same Informant Code.

Foreign Informant

The guidelines also provide for broad modalities of receiving of information from a foreign person:

Grant of interim and final reward

The authority competent to grant any reward under the Scheme shall be a reward committee consisting of five senior officials of the Department. The proposal for grant of interim reward may be prepared by the Initiating Officer (IO). The reward committee shall examine the proposal and dispose of the same within one month from the date of receipt. The reward shall be disbursed within one month from the date of sanction order.

The proposal for grant of final reward may be prepared when confiscation of property has become final. The reward committee shall examine the proposal and dispose of within one month from the date of receipt. The reward shall be disbursed within one month from the date of sanction order and receipt thereof shall be obtained and kept in record.

The Guidelines also provide for control and audit of expenditure relating to reward, responsibility for overall management, retention of files etc., steps to be taken where review petition is filed, monitoring mechanism etc.

Also read:

Benami Transactions Informants Reward Scheme 2018 Click Here >>

Income Tax Informants Rewards Scheme 2018 Click Here >>

Share

Recent Posts

  • Income Tax

Prima facie satisfaction u/s 148 can not be a non-existing or incorrect information

The prima facie satisfaction u/s 148 cannot be stretched to a non-existing information or incorrect information - ITAT In a…

12 hours ago
  • SEBI

Mutual Funds to value physical Gold and Silver by using the polled spot prices

Mutual Funds to value physical Gold and Silver by using the polled spot prices published by the recognized stock exchanges…

21 hours ago
  • bankruptcy

SC allows simultaneous CIRP proceedings against principal debtor & corporate guarantor

Supreme Court allows simultaneous CIRP proceedings against principal debtor and its corporate guarantor, declines to frame any guidelines In a…

22 hours ago
  • Income Tax

Merely because sales were declared for only one month, same cannot be treated as bogus

Merely because assessee had declared sales for only one month, the same cannot be treated as bogus on the basis…

1 day ago
  • Income Tax

ITAT deleted addition as method of accounting had been accepted in earlier years

ITAT deleted addition as the method of accounting had been accepted by the department in earlier years and the entire…

2 days ago
  • Benami

Orders passed under Benami Act cannot be challenged under IBC 2016 – SC

Orders passed under Benami Act cannot be challenged under Insolvency and Bankruptcy Code, 2016 - SC In a recent judgment,…

4 days ago