Chance to earn big money? Give information about tax defaulters and get reward upto Rs 15 lakh

New Delhi, Oct 6: Modi Government will soon reward people for giving information about tax defaulters. The reward will be of upto rupee Rs 15 lakh(tax free).

The step is being taken to tackle black money menace within the country. At the same time this innovative step will boost the revenue kitty. The name of the people who will inform the government about the tax theft will be kept secret.

Recently, the Income Tax department brought out new guidelines to award secret informers providing actionable clue about "untraceable" assesses who owe huge taxes and money to government including in TDS and self assessment tax category.

The department recently issued a set of new instructions to all its offices in the country stating any person who provides credible inputs against a declared defaulter would be rewarded a 10% booty of tax realised from such an entity

What is the plan?

• The new guidelines, effective from the last and current financial year, have been issued by the Central Board of Direct Taxes (CBDT).
• The informant's identity would be kept secret
• The department has made it clear that no "speculation, vague or inputs of general nature and educated guess" will be entertained
• The guidelines state that any information about such assesses who are either not traceable or have stated inadequate assets to pay due taxes will be covered under the scheme
• "Any specific or credible information of the whereabouts or assets of the person, on or after March 31, 2015 which results in the collection of taxes, penalities, interest or other amounts not exceeding 10 per cent of the tax realised which is directly attributable to the information or documents supplied by the informant, subject to a ceiling of Rs 15 lakh" will be covered under the new guidelines.
• A provision has also been kept to enhance this reward in exceptional cases after the approval of the Central Board of Direct Taxes (CBDT), the apex policy making body of the tax department.

'Naming and shaming' big tax defaulters

• The IT department, beginning this year, had also begun the practise of 'naming and shaming' big tax defaulters in the country by publishing their names, addresses and income tax dues in newspapers.
• Till now, a senior officer in the department said, names of about 50 such large defaulters have been publicised who have a pending tax liability of close to Rs 2,000 crore.
• "More such names, including those under the TDS and self assessnent tax category, are in the offing," the officer said.
• The department has been told to ensure the secrecy of the informer's identity by allotting a unique number to them for communication.
• The department, the officer said, is leaving no stone unturned to mount additional measures in combating stash funds of Indians both within and outside the country and hence these newer strategies and methods are being undertaken.

OneIndia News

(With inputs from PTI)