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Earn up to Rs 5 crore by reporting black money to Income Tax department English.Lokmat.com

Earn up to Rs 5 crore by reporting black money to Income Tax department

The Income Tax Department has launched a new online facility for informants. This will allow them to report black ...
Earn up to Rs 5 crore by reporting black money to Income Tax department

The Income Tax Department has launched a new online facility for informants. This will allow them to report black money, benami transactions, properties or tax evasion directly to the government. The Central Board of Direct Taxes (CBDT) on Tuesday launched the link. The link "submit tax evasion petition or benami property holding" was activated on the e-filing portal of the department, https://www.incometaxindiaefiling.gov.in, on Monday.

"The facility allows for filing of complaints by persons who are existing PAN (permanent account number) or Aadhaar holders as well as for persons who do not have a PAN or Aadhaar."

Under this facility, anyone who has PAN or Aadhar number or who does not have PAN, Aadhar number will also be able to lodge a complaint. The online facility allows anyone to lodge a complaint under the OTP-based procedure,  the complainant can file complaints in respect of violations of the Income Tax Act, 1961, Black Money (Undisclosed Foreign Assets and Income) Imposition of Tax Act, 1961 and Prevention of Benami Transactions Act in three separate forms designed for the purpose," the CBDT said in a statement.

Each complaint will have a specific number after the complaint is filed. The complainant can view the action taken on the complaint on the weblink. 
The facility also provides an option for someone to be an "informer" and claim a reward.

A reward upto ₹1 crore (benami assets case) and upto ₹5 crore (in case of any other tax evasion instance including holding black assets abroad), subject to certain conditions, is given to the informant by the department as per the scheme in operation at present.

This reward scheme is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties by such hidden investors and beneficial owners, the Central Board of Direct Taxes (CBDT) said.

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