Get ready for a bonanza, folks! The Government of India has launched a unique reward scheme a la ‘Kaun Banega Crorepati’ for which you won’t have to be a master of general knowledge. What you would need is a sharp pair of eyes. All you have to do is report anyone having a benami property or conducting benami transactions, and you would get Rs 1 crore as a reward from the government.
Launched on Friday, 1 June, the ‘Benami Transactions Informants Reward Scheme’ aims to encourage people to give information about benami transactions and properties as well as income earned on such properties by hidden investors and beneficial owners.
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The objective is to help the Income Tax department in its efforts to unearth black money and reduce tax evasion.
According to the Finance Ministry, which launched this scheme, the big reward is open to foreigners as well.
“Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained,” the Ministry assured the people.
But is the process so simple?
No.
According to reports, the informant will have to provide specific details about the benami property in a prescribed manner to the Joint or Additional Commissioners attached with the Benami Prohibition Units (BPUs) in Investigation Directorates of Income Tax Department.
And the information must be actionable under the Benami Property Transactions Act, 1988, which was amended as the Benami Transactions (Prohibition) Amendment Act, 2016.
Once all conditions are met, the informant will be rewarded.
“It was found in many cases that black money was invested in properties in the names of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns,” the Finance Ministry said in a statement.
