The government launches three new reward schemes to track assets outside India and substantial tax evasion on income
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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 '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.
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However, for information on 'benami' transactions and properties, one can get a reward of up to '1 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 encouraging people to give information about such income and assets... reward up to '5 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.
Rs 50 lakhs
Maximum reward for info on tax evasion in India
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