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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Karnataka likely to provide six days of paid menstrual leave annually
Bengaluru: Karnataka is considering to implement a progressive policy granting women six days of paid period leave annually.
Labour Minister Santhosh Lad told Deccan Herald that an 18-member committee, headed by Christ University’s law professor Sapna S., had submitted its report on the initiative. Lad commended the committee’s effort and noted that their report proposes to give six paid menstrual leaves for women. “This is important as I have seen from close circles how women go through various physiological changes in the menstrual period that necessitates rest,” Lad said.
He added that the initiative will help increase women’s participation in the workforce, particularly at a time when it is relatively low.
Mohammed Mohsin, Principal Secretary (Department of Labour) told the publication that the proposed policy would apply to women professionals in both government and private sector.
If implemented, Karnataka will join Bihar, Kerala, and Odisha as the fourth state in India to provide menstrual leave.
Former Union Minister Smriti Irani had remarked last year that period is not a "handicap," describing it as a natural aspect of women’s lives that does not require a specific policy for "paid leave".
