Get up to Rs 5 cr for information on tax evasion, benami transactions
New Delhi, June 1: The government on Friday launched three new reward schemes under which a person can get up to Rs 5 crore for information on tax evasion and 'benami' (proxy) transactions and properties.
While a person can get maximum Rs 5 crore for giving specific information about substantial tax evasion on income and assets outside India, the maximum reward for information on tax evasion in India is Rs 50 lakh, the Finance Ministry said.
However, for information on benami transactions and properties, one can get a reward of up to Rs one crore.
The government earlier introduced Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 in order to "investigate income and specific assets kept in foreign countries by people taxable in India, recover tax on it and take other actions like penalty and prosecution".
"With the objective of attracting and encouraging people to give information about such income and assets... reward up to Rs five crore has been introduced in the new reward scheme," an official statement said.
"The amount has been kept high to make it attractive to potential sources in foreign countries."
The Income Tax Department also revised the "Income Tax Informants Reward Scheme" superseding the earlier reward scheme issued in 2007.
Under the revised scheme, a person can get reward up to Rs 50 lakh for giving specific information about substantial tax evasion within India.
The "Benami Transactions Informants Reward Scheme", on the other hand, is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties by hidden investors and beneficial owners, the Finance Ministry said.
"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," it added.
Under this, a person can get a reward of up to Rs one crore for giving specific information to tax officials about benami transactions and properties.
The schemes will help the Income Tax Department in its efforts to unearth black money and reduce tax evasion, an official statement said.
"Foreigners will also be eligible for such reward. Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained," the Finance Ministry said.
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India beat SA by 135 runs in 4th T20I, clinch series 3-1
Johannesburg, Nov 15: India beat South Africa by 135 runs in the fourth and final T20 International to clinch series 3-1 here on Friday.
Opting to bat, India posted a massive 283 for 1, thanks to unbeaten centuries from Tilak Varma (120 not out off 47 balls) and Sanju Samson (109 not out off 56 balls), and then bowled South Africa out for 148 in 18.2 overs.
Tristan Stubbs top-scored for South Africa with 46 while David Miller contributed 36.
For India, pacer Arshdeep Singh was the most successful bowler with figures of 3/20 while Varun Chakravarthy (2/42) and Axar Patel (2/6) got two wickets each.
Hardik Pandya, Ramandeep Singh and Ravi Bishnoi got a wicket each.
Brief Scores:
India: 283 for 1 in 20 overs (Sanju Samson 109 not out, Tilak Varma 120 not out; Lutho Sipamla 1/58).
South Africa: 148 all out in 18.2 overs (Tristan Stubbs 46, David Miller 36; Arshdeep Singh 3/20).
