Business

Rs 1 crore reward for informants on benami schemes: Govt

Inform on benami deals to get up to ₹1 cr. reward

The government announced a scheme for informants of benami transactions under which an individual can get a reward of up to ₹1 crore for providing information to the tax authorities. “Under the Benami Transactions Informants Reward Scheme 2018, a person can get reward [of] up to ₹1 crore for giving specific information in prescribed manner to the Joint or Additional Commissioners of Benami Prohibition Unit (BPU) 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,” the government said in a release.

The government said that it had found many cases where black money was invested in properties in the names of others, even though the benefits were enjoyed by the investor concealing their ownership in their tax returns.

“The government had earlier amended Benami Property Transactions Act 1988 by the Benami Transactions (Prohibition) Amendment Act 2016 to make the law stronger,” the release added. “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.”


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Printable version | Jul 26, 2021 8:33:09 PM | https://www.thehindu.com/business/rs-1-crore-reward-for-informants-on-benami-schemes-govt/article24061142.ece

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