How to become Crorepati by disclosing Benami transactions and Black Money to IT Dept?

How to become Crorepati by disclosing Benami transactions or Black Money to IT DeptHow to become Crorepati by disclosing Benami transactions and Black Money to IT Dept?


Do you know any benami transactions or black money details? Then you can earn upto Rs 5 Crores quickly by reporting it to income tax authorities. Last week, Mr. Narendra Modi announced schemes where an individual can earn upto Rs 5 Crores if they disclose any benami transactions or black money. One Scheme has reward under Benami Transaction Informants Reward Scheme, 2018 and another is rewarded under the Foreign Black Money Act. These schemes were announced in the last budget and the details of the schemes are announced now. What is benami tranasction in India? What is Benami Transaction Informants Reward Scheme, 2018? How to become Crorepati by disclosing Benami transactions or Black Money Transactions to IT Dept?

Also Read: How to become Crorepati by investing small amounts in Mutual Funds?

What is Benami Property?


‘Benami’ is a Persian word which means that any object that does not belong to anybody and if we talk about property-it is any land or property purchased in the name of somebody but belongs to someone else.  It can also include property bought in the name of a spouse or children or a joint property with brother, sister, or any other relative for which the amount is paid out of unknown sources of income. 

Rather than accumulating black money in cash, people buy property in the name of other people in order to save tax and adjust their black money. This leads to hampering of growth and development of the country due to evasion of the large amount of taxes.

What is Benami Transactions Informants Reward Scheme, 2018?


The CBDT indicated that under the Benami Transactions Informants Reward Scheme, 2018, an individual can get rewarded up to Rs 1 crore for giving specific information in the prescribed manner to the Joint or Additional Commissioners of Benami Prohibition Units.

Details about Benami Transactions Informants Reward Scheme, 2018 or Reward from revealing Black Money


Here are the details of both schemes.

1) Individuals can disclose benami properties in India or Black Money to prescribed authorities.

2) Individuals would be rewarded for providing specific information of substantial tax evasion of assets and income.

3) Individuals would be rewarded for providing specific information of substantial tax evasion of assets and income kept abroad, which can be taken into action under black money and imposition tax, 2015.

4) If you disclose information on a benami property, income tax authorities would reward you an amount upto Rs 1 Crore.

5) If you disclose information on black money, income tax authorities would reward you an amount upto Rs 5 Crores.

6) One need to provide these details in the prescribed format to the concerned IT Officer.

What is the format to be used to disclose benami transactions to IT Department?


There is prescribed format where you need to disclose the information like

1) Full name of the informant

2) Father’s name, Date of Birth, Address, email ID and mobile no. Aadhaar number etc.,

3) Full details of benami property. You can attach additional details and these should be specific, reliable and verifiable, date of the transaction, the total amount involved, who paid the amount etc.,

You can get more details from the income tax department website at this link.

Who is eligible to report these transactions?


As per this scheme any individual, including foreigners can report about benami transactions as well as properties that are subject to action under the Benami Transactions Amendment Act, 2016 to concerned authorities.

How the reward amount is computed?


Here is the process of computation of reward amount.

1) Interim Reward: Interim reward up to 1% of the fair market value of single benami transaction would be paid to the maximum ceiling of Rs 10 Lakhs.

2) Final Reward: Final reward up to 5% of the fair market value of single benami transaction would be paid to the maximum ceiling of Rs 1 Crore.

3) Multiple Benami Properties: If there are multiple properties, the above computation would be done for each single benami property and paid separately to the individuals.

When the reward amount is paid?


Interim reward is paid within 4 months of actual provisional attachment of benami property.

The final reward is paid within 6 months of order of confiscation of benami property.

Do individuals pose risk by reporting benami transactions?


Since informant would disclose the benami transactions, there is always threat to that individual. However, IT department informs that it maintains secrecy of the information and informant. But one has to be little careful as there could be chances that such info might get leaked through friends

To whom we need to report the benami properties or black money?


One needs to provide the details in prescribed format to The join commissioner or Assistant commissioner of income tax or to an Income Tax Officer pertaining to their region. The details are indicated in the link provided here.

Also Read: 15 Best SIP Mutual Funds to invest in 2018 

How to become Crorepati by disclosing Benami transactions and Black Money to IT Dept?


While this scheme is good for those who want to become crorepati quickly, it poses a threat to individuals. While IT Dept provides confidentiality to the individuals who disclosing these details, there are chances that such informants friends can reveal this info. One should maintain the secrecy if at all they want to report such transactions to IT Department. If you know any benami transactions happening near to you, you can quickly report, get rewarded and become Crorepati.

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Suresh

How to become Crorepati by disclosing Benami transactions or Black Money to IT Dept

6 comments

  • Leslie

    IT department is highly leaky. This scheme was there earlier also. I am not sure what changes in it have come in so called Modi government version. Most times the officers will claim the reward for themselves

  • RAVEE SANGHI

    SUBJECT : BENAMI PROPERTY TRANSACTIONS IN DELHI.

    Sir,

    In response to the Reward Scheme for sharing info upon the subject, with the Deptt., I wish to bring to your notice an above case wherein around 25 nos. of mostly shell cos. were formed and within one month or so of their inception they all purchase virtually bifurcated land and building for a value of almost double to their total paid-up capital.

    Before to the said purchase they all showed their regd. offices at different parts of Delhi , far off to each other. The Bankers Draft towards payment of consideration amount were made by all of them through ONE & ONLY SAME BRANCH of a Bank- which is against the banking norms and RBI guide lines. After completion of the transaction, they all amalgamate at one and same address , the real king-pin.

    Even the Hon’ble High Court of Delhi’s orders in respect of similar related matter is thrown to the winds for all Illegal Deeds & Acts.
    Thereupon, they all OR the main LORD sells off the said property , in total contravention of the
    Courts ruling , thereby minting 100s of crores of Rupees.

    Now…, since entire case cannot be put over here thus, if you feel interested to take up the issue with all seriousness, please feel free to contact me.

    I do have certain authentic documents for your verification.

    Thanking you.
    Regards,

    Ravee Sanghi.

  • Sunny

    Boss I need to talk with pm
    I don’t trust anyone because the name I know they r very big and influenced in politics can any one help

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