Under the Income Tax Informants Reward Scheme, 2018, a person can get reward up to.....for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961.

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

Under the “Income Tax Informants Reward Scheme, 2018", a person can get reward up to____for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961.

A	Rs. 10 lakh
B	Rs. 05 lakh
C	Rs. 50 lakh
D	Rs. 60 lakh

Explanation:

Detailed explanation-1: -A person can get reward up to Rs. Five crore by giving specific information about evasion of Income tax on income and assets in India and abroad. Identity of the informant shall be kept confidential. 1.1.

Detailed explanation-2: -In respect of recovery of arrears of duty/tax, the reward can be given up to a maximum of 5% of the amount recovered and the quantum of reward will be determined by such factors as the nature, accuracy, actionability and efficacy of the information, and other attendant factors.

Detailed explanation-3: -Informers are eligible for reward upto 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 (under the GST regime, CGST/IGST will be considered for calculation of Reward).

Detailed explanation-4: -The amount of reward shall be 0.5% of the net revenue shown in the notice of demand order passed by the authority concerned. However, amount of interim reward shall not exceed Rs. 50, 000/-for the informer or Government servant for the full team and Rs. 20, 000/-to an individual Government servant in each case.

Detailed explanation-5: -The Directorate General of Income Tax Investigation is the law enforcement agency under the Ministry of Finance responsible for investigating violations of India’s tax laws, including fraud, evasion and money laundering. The controlling authority is the Investigation Division of the Central Board of Direct Taxes.

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