Income Tax Informant can get reward up to Rs 5 crore under CBDT Income Tax Informants Rewards Scheme 2018

Income Tax Informant can get reward up to Rs 5 crore under CBDT Income Tax Informants Rewards Scheme 2018 

CBDT in supersession of its previous guidelines has issued a new Income Tax Informants Rewards Scheme, 2018 for regulating grant and payment of reward to a person who is an informant under this scheme.

As per the said scheme, a person can get reward up to Rs. Five crore by giving specific information about evasion of Income tax on income and assets in India and abroad. Identity of the informant shall be kept confidential.

This scheme shall regulate the grant and payment of reward to informants in cases where information is received by a JDIT (Inv) from the informant on or after the date of issue of this Scheme that leads to detection of substantial tax evasion under the provisions of Income Tax Act, 1961 and/or the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015.

This scheme shall not be applicable to information regarding recovery of irrecoverable taxes as the Central Board of Direct Taxes has issued separate Guidelines for the same. However, the ‘Guidelines for grant of rewards to Informants, 2007’ shall continue to be applicable in cases where information was received before the date of issue of this Scheme.

A person will be considered an informant for the purposes of this Scheme only if he has furnished specific information of substantial tax evasion in a written statement in the prescribed form (Annexure – A to this Scheme) and, based upon which, an Informant Code has been allotted to him by the prescribed authority.

No claim for reward shall be entertained from a person who is not an informant under this Scheme, even if such person has furnished some information in any manner.

Download the Income Tax Informants Rewards Scheme 2018 Click Here >>