The government was announced a scheme for informants of benami transactions under which an individual can get a reward of up to.....for providing information to the tax authorities.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The government was announced a scheme for informants of benami transactions under which an individual can get a reward of up to____for providing information to the tax authorities.

A	Rs.1 crore
B	Rs.7 crore
C	Rs.4 crore
D	Rs.10 crore

Explanation:

Detailed explanation-1: -Informers and Government Servants are eligible for reward up to 20% of the net sale-proceeds of the contraband goods seized and/or amount of duties/ Service Tax evaded plus amount of penalty levied and recovered.

Detailed explanation-2: -As per the scheme, an informant will be eligible for a reward of up to Rs 1 crore. To apprise, a Benami property is one where the buyer registers it in the name of a third person to evade tax liabilities.

Detailed explanation-3: -(3) Whoever enters into any benami transaction shall be punishable with imprisonment for a term which may extend to three years or with fine or with both.

Detailed explanation-4: -For information about tax evasions in India, the informant will get a maximum interim award of Rs 10 lakh. But if the cash seized is over Rs 1 crore, the interim amount can be as high as Rs 15 lakh. The final reward will be 5 per cent of the tax liability and up to Rs 50 lakh.

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