New Delhi: The Income Tax department is drafting fresh guidelines to substantially increase the reward money for informers who provide specific and credible information on tax evasion and benami (proxy) transactions.
According to guidelines issued by the Central Board of Direct Taxes on August 28, 2015, an informer will get Rs 1 lakh as an instant reward if the tip-off leads to tax recovery. The rest of the reward money – 10% of the total tax liability with a maximum cap of Rs 15 lakh – is subject to the final settlement of the case.