FAQs on Income tax informants reward scheme, 2018

Chapters / List

1. What is Income Tax Informants Reward Scheme, 2018?

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2. What is the scope of this scheme?

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3. Who is considered an Informant under this scheme?

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4. Can any government servant be an ‘informant’ and claim a reward under the scheme?

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5. What is considered information?

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6. What is “substantial tax evasion”?

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7. Whether a person will be entitled to a reward if he furnishes specific information other than through Annexure-A?

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

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9. Whom should a person contact if he has information about substantial tax evasion?

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10. What is the course of action if JDIT(Inv.) considers the information actionable?

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11. What is the course of action where a foreign person is in possession of information?

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12. Who is a foreign person?

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

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

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15. What is the quantum of interim reward for information on undisclosed foreign income/assets liable under the Black Money (Undisclosed Foreign Income and Assets) Act, 2015?

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16. What is the quantum of interim reward for information of undisclosed income/assets liable under the Income Tax Act, 1961?

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17. What is the time limit for the payment of the interim reward?

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18. What is the quantum of the Final reward for information on undisclosed foreign income/assets liable under the Black Money (Undisclosed Foreign Income and Assets) Act, 2015?

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19. What is the quantum of the Final 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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20. What is considered an Additional Tax?

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21. What is Additional taxes realisable under this scheme?

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22. 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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23. When shall the final reward be processed?

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24. What are the different stages that are considered for processing the final award?

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25. Whether the amount of the Final reward is in addition to the Interim reward?

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26. What is the time limit for the payment of the final reward?

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27. What are the different modes for the payment of rewards to a non-resident informant?

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28. Who is considered a Competent Authority to grant reward?

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29. What are the relevant factors that are considered for the determination of Interim or Final reward?

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

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31. Is there any possibility of not taking cognisance of the information furnished by an informant?

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

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

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34. 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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35. Will an assignment of the reward by the Informant be recognised?

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