Earn ₹5 crore reward from IT Dept - Fusion - WeRIndia

Earn ₹5 crore by informing IT Dept. about black money

Earn ₹5 crore by informing IT Dept. about black money

If you know about anybody that has black money, illegal assets or benami properties, then you have a lucky chance of earning up to ₹5 crore by informing it to the income tax department.

The Income Tax Informants Rewards Scheme 2018 came into effect this week. Under this scheme, you will be rewarded for revealing the information of persons that have illegal assets or black money.

You can even earn a higher reward, if the information is delivered to the Central Board of Direct Taxes about any undisclosed foreign assets under the Black Money Act 2015.

The reward scheme is intended to encourage citizens to reveal information about undisclosed money or assets.

As per the guidelines of 2007, if anybody provides the information about illegal assists, they would get 5 per cent of the tax liability, however the maximum ceiling limit for the award is ₹1 lakh. If the amount is recovered finally, then the informant would get 10 per cent reward of up to ₹15 lakh.

But, under the new scheme, the informant would get a maximum of ₹10 lakh, and if the cash seized exceeds more than ₹1 crore, it can be up to ₹15 lakh. The final reward is 5 per cent of the tax liability up to ₹50 lakh.

If you reveal information about undisclosed foreign assets, the award amount will be 3 per cent of the tax liability with a maximum ceiling of ₹50 lakh. What more, the final reward will be 10 per cent of taxes levied up to ₹5 crore.

The information provided by the informant should lead to a tax discovery, only then the above said amount would be granted as award.

The government hopes to get more information about black money or benami properties as more citizens will come forward due to the reward scheme.

Image credit: Image by Michael Schwarzenberger from Pixabay (Free for commercial use)

Image Reference: https://pixabay.com/it/photos/denaro-sembrare-nero-white-50-453771/

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