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[JAPAN]

The ITI Reward Scheme 2018 was announced by the government on April 24, 2018.

Under the scheme, an informant is rewarded for providing information on undisclosed income or assets and data related to tax evasion under Black Money Act, 2015 and Imposition of Tax Act, 2015.

Also, the ‘Benami Transactions Informants Reward Scheme 2018’ regulates the granting and the payment of a reward to the informer on benami properties.

 

What is the reward process?

CBDT has set different reward slabs based on the information provided and the value of the assets. The reward will be paid in two stages – interim and final.

Types of information:

1- Undisclosed foreign income or assets liable under Black Money Act, 2015: Informant will get maximum of up to Rs 50 lakh as an interim reward. The final reward will be up to Rs 5 crore. However, the final reward will be 10 per cent of additional tax levied and realized.

2- Undisclosed income or assets liable under Income Tax Act, 2015: Interim reward would be of up to Rs 5 lakh while up to Rs 50 lakh as the final prize. In the final reward, 5 per cent of addition tax will be levied and realized.

3- Unaccounted or undisclosed cash exceeding Rs 1 crore, under Section 132 of Income Tax Act 1961: The maximum interim amount is up to Rs 15 lakh while the maximum final reward is up to Rs 1 crore with 5 per cent of additional tax levied and realized.