Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 7th June, 2018

PRESS RELEASE

CBDT dedicates fortnight for pending appeal effect – rectification matters

Redressal of public grievances and taxpayer service is an area of top priority for the CBDT and the Income Tax Department. In this connection, a fortnight from 1st June to 15 th June, 2018 has been dedicated for expeditious disposal of pending appeal effect and rectification matters. The Assessing Officers have been directed to accord top priority to such matters and to give special attention to this area of work so that grievances arising on this count may be resolved at the earliest.

All taxpayers, local chapters of ICAI and Bar Associations are requested to use this opportunity to get their pending issues under appeal effect and rectification resolved during this fortnight.

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 3rd June, 2018

PRESS RELEASE

CBDT issues clarification about loss/damage to records in the Scindia House fire at Income Tax Office, Mumbai

        News reports have been appearing in some sections of the media alleging that  records & documents relating to investigation into the Nirav Modi/Mehul Choksi case have been destroyed in the Scindia House fire in Income Tax Office in Mumbai. It is hereby clarified that the said reports are completely false & misdirected.

        It is further clarified that the records/documents of the ongoing investigations into the Nirav Modi/ Mehul Choksi case had already been transferred to the assessment units housed in different buildings, as part of the assessment process.

        Apprehensions about any loss/ damage to the records/documents relating to the Nirav  Mod / Mehul Choksi case in the said fire at the IT Office, Mumbai are, therefore, misplaced.

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT.

Press Information Bureau

Government of India

Ministry of Finance

01-June-2018

Income Tax Department issues Revised Income Tax Informants Reward Scheme, 2018

With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the earlier reward scheme issued in 2007.

Under the revised scheme, a person can get reward up to Rs. 50 lakh 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.

Further, Government of India had earlier introduced Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, in order to investigate and assess income and specific assets kept in foreign countries by people taxable in India, recover tax on it and take other actions like penalty and prosecution. With the objective of attracting and encouraging people to give information about such income and assets actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, reward up to Rs. 5 crore has been introduced in the new reward scheme. The amount has been kept high to make it attractive to potential sources in foreign countries. Under this Scheme, a person can get reward for giving specific information in prescribed manner about substantial tax evasion on income and assets abroad which are actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Information under this scheme has to be given in prescribed manner to the Director General of Income Tax (Investigation) or an officer whom he may authorize in this behalf. Foreigners will also be eligible for reward under this scheme. Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained.

Details of the revised reward scheme are available in the Income Tax Informants Reward Scheme, 2018, copy of which is available in Income Tax offices and on the official website of Income Tax Department www.incometaxindia.gov.in .

DSM/RM/KA

Press Information Bureau

Government of India

Ministry of Finance

01-June-2018

New Benami Transactions Informants Reward Scheme, 2018 launched by the Income Tax Department

To get people’s participation in the Income Tax Department’s efforts to unearth black money and to reduce tax evasion

It was found in many cases that black money was invested in properties in the names of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns. The Government had earlier amended Benami Property Transactions Act, 1988, by Benami Transactions (Prohibition) Amendment Act, 2016 to make the law stronger. With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and to reduce tax evasion, a new reward scheme titled “Benami Transactions Informants Reward Scheme, 2018”, has been issued by the Income Tax Department. This reward scheme is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties by such hidden investors and beneficial owners.

Under the Benami Transactions Informants Reward Scheme, 2018, a person can get reward up to Rs. One crore for giving specific information in prescribed manner to the Joint or Additional Commissioners of Benami Prohibition Units (BPUs) in Investigation Directorates of Income Tax Department about benami transactions and properties as well as proceeds from such properties which are actionable under Benami Property Transactions Act, 1988, as amended by Benami Transactions (Prohibition) Amendment Act, 2016.

Foreigners will also be eligible for such reward. Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained.

Details of the reward scheme are available in the Benami Transactions Informants Reward Scheme, 2018, copy of which is available in Income Tax offices and on the official website of Income Tax Department www.incometaxindia.gov.in .

DSM/RM/KA

 

 F No 370149/230/2017

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

(TPL Division)

New Delhi, dated 22^nd May, 2018

OFFICE ORDER

In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law in consonance with economic needs of the country, a Task Force has been constituted by the Government of Indio vide Office Order of even number doted 22^nd November, 2017, the Terms of Reference being drafting an appropriate direct tax legislation keeping in view:

(i) the direct tax system prevalent in various countries,

(ii) the international best practices.

(iii) the economic needs of the country and

(iv) any other matter connected there to.

2. As per the said Order, the Task Force is required to submit its report to the Government within six months from the date of its constitution, i.e., 22nd May, 2018.

3. The term of the Task Force is extended by three months beyond the initial term of six months, i.e., the Task Force shall now be required to submit its report to the Government by 22nd August, 2018.

4. This issues with the approval of the Finance Minister.

(Niro) Kumar)

Under Secretary (TPL)-I

Tel: 011-23095468

E-mail: ustpll@nic.in