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Government launches Income Tax Reward Scheme to get people’s participation in curbing black money

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The government has launched reward scheme to get people’s participation in its efforts to unearth black money and reduce tax evasion.

The Income Tax Department issued new Benami Transactions Informants Reward Scheme-2018 in which a person can get reward up to one crore rupees for giving specific information in the prescribed manner about benami transactions and properties as well as proceeds from such properties which are actionable.

The person who will give specific information about undisclosed black money stashed abroad will get the reward of five crore rupees. Foreigners will also be eligible for such reward. The identity of the persons giving information will not be disclosed and strict confidentiality will be maintained.

The scheme is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties by such hidden investors and beneficial owners.

In a statement, IT Department said the move came as it was found in many cases that black money was invested in properties in the names of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns.

Besides, the Department also launched a revised Income Tax Informants Reward Scheme. Under the revised scheme, a person can get reward up to 50 lakh rupees for giving specific information.

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