Provide information on those

evading taxes in India or abroad

to earn rewards from

Government of India . . .

Rs 5 Core Reward to Informers . . .

Foreigners eligible for these rewards

Tax Authorities in India, on June 1, 2018 issued a press release to announce a reward of Rupees 1 Crore to anyone who offers information on undisclosed assets such as property or unaccounted money, commonly referred to as black money! Rewards are being offered to informers who provide the tax authorities in India with specific information on those who may be evading taxes. Information on funds that may be hidden abroad and Benami properties. Benami means without a name, these are assets bought by people in others names for purposes such as hiding the source of the money used or to evade taxes. Rewards announced for informers • The reward of up to Rs. 5 Crore for information shared with the I-T authorities about any undisclosed black money held overseas • The reward of 1 Crore is for reporting on Benami Property o Benami property is property where the buyer hides their identity by buying/holding assets in other names. • The reward for information on tax evasion in India is Rs 50 lakh The rewards are an incentive to informers, even foreigners are eligible to this reward if they provide information to the Indian tax authorities. The tax department also assured full confidentiality of the informer, stating that the identity of the persons giving information will not be disclosed. Posted below is an excerpt from the press release issued by Government of India, Ministry of Finance, Central Board of Direct Taxes, dated June 1, 2018. ‘Under the Benami Transactions Informants Reward Scheme, 2018, a person can get reward up-to Rs. One crore for giving specific information in prescribed manner to the Joint or Additional Commissioners of Benami Prohibition Units (BPUs) in Investigation Directorates of Income Tax Department about benami transactions and properties as well as proceeds from such properties which are actionable under Benami Property Transactions Act, 1988, as amended by Benami Transactions (Prohibition) Amendment Act, 2016. Foreigners will also be eligible for such reward. Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained.’ To view a copy of the press release dated June 1, 2018 issued by the Government of India, visit the CBDT website or use the links below: 1. Revised Income Tax Informants Reward Scheme, 2018 >> 2. Benami Transactions Informants Reward Scheme, 2018 >>