? Cool Title, but what’s the news?
With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and to reduce tax evasion, a new reward scheme titled “Benami Transactions Informants Reward Scheme, 2018” has been issued by the Income Tax Department.
? Okay, but what does it mean?
Sharing “specific information” with the income tax department about any benami transaction or property could earn you up to Rs one crore, while the same for undisclosed black money stashed abroad could fetch up to Rs 5 crore.
? Why should I care?
It was found in many cases that black money was invested in properties in the name of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns. So, it not only adds people into the mix of reporting black money to the IT Department, it has the chance to earn you a big fat reward!