IT Department announces reward for information on tax defaulters
Posted on: 07/Sep/2015 9:45:05 AM
Secret informers will be rewarded by the Income Tax Department if they give the authorities information abut untraceable assets owned by those who owe huge taxes and money including in the self assessment and TDS categories.
The IT Department issued a set of instructions to all its branches in the country. The instructions state that if a person comes forward with information about a defaulter, they would be awarded 10% of the tax levied on the amount in question, upto a maximum of Rs. 15 lakh. The move comes in the wake of several initiatives to control black money in the economy. These guidelines will be effective from the last and current financial year. The identity of the informant will be secret. The instructions state that the informant must have facts and supporting documents in place, and that no speculation, vague inputs or educated guesses will be welcomed.
High level deliberations will follow the information including a Special Investigation Team on black money. Say the guidelines, Any specific or credible information of the whereabouts or assets of the person, on or after March 31, 2015 which results in the collection of taxes, penalties, interest or other amounts not exceeding 10 per cent of the tax realized which is directly attributable to the information or documents supplied by the informant, subject to a ceiling of Rs 15 lakh.�
The act of `Naming and Shaming` big defaulters will also start this year. Defaulters`names, addresses and income tax dues will be published in newspapers. An official from the IT Department said, Till now, names of about 50 such large defaulters have been publicised who have a pending tax liability of close to Rs 2,000 crore. More such names, including those under the TDS and self assessment tax category, are in the offing.
The department is leaving no stone unturned to mount additional measures in combating stash funds of Indians both within and outside the country and hence these newer strategies and methods are being undertaken, said the official.
