FAQs on Benami Transactions Informants Reward Scheme, 2018

Chapters / List

1. What is Benami Transactions Informants Reward Scheme, 2018?

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2. Who is considered an ‘Informant’ under this scheme?

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3. Whether any ‘government servant’ can be an ‘informant’ and is eligible to be rewarded under the scheme?

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4. What if a person giving such specific information is not allotted an Informant Code?

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5. Whether a person will be entitled to a reward if he furnished specific information of benami property in any manner other than through prescribed form in Annexure A?

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6. What is “Specific Information” as per the scheme?

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7. Whom should a person contact if they have specific information as mentioned in the scheme?

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8. What is the course of action if JCIT/Addl. CIT (BP) considers the information actionable?

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9. What is the course of action when a foreign person is in possession of information?

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10. What is the process if the information is furnished by a group of informants?

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11. Whether a person can furnish details of benami property on multiple occasions?

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12. Whether confidentiality be maintained in the context of the Informant’s identity and information provided by the Informant?

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13. What are the consequences if an informant furnishes false information?

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14. Conditions required to be fulfilled to be eligible for Interim Reward

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15. Conditions required to be fulfilled to be eligible for Final Reward

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16. What is the quantum of interim reward under this scheme?

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17. What is the quantum of the Final reward under this scheme?

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18. What is ‘Circle Rate’?

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19. What is the quantum of reward where more than one benami property is involved?

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20. What is the quantum of reward if the Informant is eligible for a reward under Income Tax Informants Reward Scheme 2018 and Benami Transactions Informants Reward Scheme 2018?

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21. What is the time limit for the payment of the reward?

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22. What are the different modes for the payment of rewards if the Informant is a foreign person?

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23. Who is considered a Competent Authority to grant rewards?

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24. What are the relevant factors that are considered for granting and determining the quantum of reward?

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25. Circumstances in which the Informant is not eligible for any reward

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26. Is there any possibility of not taking cognizance of the information furnished by an informant?

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27. What are the provisions with respect to the non-disclosure of information regarding the taxpayer/assessee?

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28. Can the Informant file an appeal against the amount of reward?

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29. Is there any remedy for final reward available to the Informant if the Informant alleges injustice in the decision of the competent authority?

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30. Will an assignment of the reward by the Informant be recognized?

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31. Is the reward received by the Informant tax-free?

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