Income-Tax
Informants Reward Scheme 2018 : SECURITY OF INFORMER
IS A BIG ISSUE
The ITI Reward
Scheme 2018 was announced by the government on April 24, 2018. Under the
scheme, an informant is rewarded for providing information on undisclosed
income or assets and data related to tax evasion under Black Money Act, 2015
and Imposition of Tax Act, 2015.
Also, the ‘Benami
Transactions Informants Reward Scheme 2018’ regulates the granting and the
payment of a reward to the informer on benami properties.
A person, under the
ITI reward scheme 2018, gets a reward up to Rs 5 crore for providing specific
information about black money, while BTI reward scheme 2018 gives up to Rs 1
crore for the information. However, it does not mean that if the person gives
information under both schemes, they will get a reward of Rs 6 crore. The
reward prize cannot exceed Rs 5 crore.
Who can inform the
government and how?
An informant can be
a group of persons or an individual who can give accurate information to the
department about tax evasion of Rs 5 crore or more, or about one or more
movable or immovable benami assets worth Rs 1 crore or more. The informant
needs to provide valid documents to support the allegations.
The person who has
any information regarding the tax evasion or black money needs to contact the
Director General of Income Tax (Intelligence). Meanwhile, for those who have
information under the BTI reward scheme can approach the joint commissioner of
income tax.
The informant needs
to fill a form under both the schemes and submit it to the Income Tax
Department along with the documents. In the form, the informer has to provide
details like father’s name, address, Aadhaar, contact number along with data
such as the amount of black money, parties involved, address of the assets,
etc.
“Incentive schemes
are always beneficial as the person who is making the effort is being rewarded
for the same. A lot of people have a lot of information about who, how, when
& where the tax fraud is taking place and by incentivising the common man
to report such information – the government can certainly increase their
revenue by leaps and bounds.”
“The scheme on paper looks excellent. However, what remains
to be seen is how it is practically implemented. There is currently lack of
awareness about this scheme. “Even the people who know about the scheme are
scared that what will happen if their identity gets revealed”. Therefore, the
government should take proper steps to spread awareness about the same and also
ensure that the secrecy and anonymity of the “Whistleblower” is not revealed.”
What is the reward process?
CBDT has set different reward slabs based on the information provided and the value of the assets. The reward will be paid in two stages – interim and final.
Types of
information:
1- Undisclosed
foreign income or assets liable under Black Money Act, 2015: Informant will get
maximum of up to Rs 50 lakh as an interim reward. The final reward will be up
to Rs 5 crore. However, the final reward will be 10 per cent of additional tax
levied and realized.
2- Undisclosed
income or assets liable under Income Tax Act, 2015: Interim reward would be of
up to Rs 5 lakh while up to Rs 50 lakh as the final prize. In the final reward,
5 per cent of addition tax will be levied and realized.
3- Unaccounted or
undisclosed cash exceeding Rs 1 crore, under Section 132 of Income Tax Act
1961: The maximum interim amount is up to Rs 15 lakh while the maximum final
reward is up to Rs 1 crore with 5 per cent of additional tax levied and
realized.
The interim reward
will be paid within four months of relevant assessment of the information,
while the final reward will be paid within six months of confiscation of the
benami property.
Compiled by :
CA Anil Agrawal Jabalpur
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