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

 

 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

Ministry of Finance

Cabinet approves signing and ratification of Agreement between India and Brunei Darussalam for the Exchange of Information and Assistance in Collection with respect to Taxes

Dated: 16 MAY 2018

The Union Cabinet Chaired by Prime Minister Shri Narendra Modi has has approved the signing and ratification of Agreement between India and Brunei Darussalam for the Exchange of Information and Assistance in Collection with respect to Taxes.

Details:

i. The Agreement enables the competent authorities of India and Brunei Darussalam to provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the two countries concerning taxes covered by this Agreement.  

ii. The information received under the Agreement shall be treated as confidential and may be disclosed only to persons or authorities (including courts or administrative bodies) concerned with assessment, collection, enforcement, prosecution or determination of appeals in relation to taxes covered under the Agreement. Information may be disclosed to any other person or entity or authority or jurisdiction with the prior written consent of the information sending country.

iii. The Agreement also provides for automatic exchange of information between India and Brunei with respect to categories of cases.

iv. The Agreement also enables assistance in collection of tax revenue claims between both countries.

v. The Agreement provides for Mutual Agreement Procedure for resolving any difference or for agreeing on procedures under the Agreement.

vi. The Agreement shall enter into force on the date of notification of completion of the procedures required by the respective laws of the two countries for entry into force of the Agreement.

The Agreement will stimulate the flow of exchange of information between India and Brunei for tax purposes which will help curb tax evasion and tax avoidance. It will also enable assistance in collection of tax revenue claims between both countries.

As such, the Agreement does not have any financial implications. Only in the event of extraordinary costs exceeding USD 500 as per Article 9 of the Agreement, the same will be borne by the Government of India. India has similar provisions in other such tax information exchange agreements.

Background:

The Central Government is authorized under section 90 of the Income Tax Act, 1961 to enter into an Agreement with a foreign country or specified territory for exchange of information for the prevention of evasion or avoidance of income tax chargeable under the Income Tax Act, 1961. Negotiations for entering into an Agreement for the Exchange of Information with respect to Taxes were conducted at Brunei from 10th  to 11th January, 2017.  Pursuant to the same, the Governments of India and Brunei Darussalam have agreed on the text of the Agreement.

*****

AKT/VBA/SH

(Release ID: 1532278)

Dated: 10.05.2018

New PAN allotment and Change request applications with 'gender' as 'transgender' is allowed without any hassle. Also, there is no requirement of depositing any supporting document for change of ‘gender’ to 'transgender' vide PAN Change request application

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 7th May, 2018

PRESS RELEASE

CBDT notifies the Protocol amending the Double Taxation Avoidance Agreement (DTAA) between India and Kuwait

A Protocol to amend the existing Double Taxation Avoidance Agreement (DTAA) between India and Kuwait signed on 15.06.2006 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income was signed on 15.01.2017. The said Protocol has entered into force on 26.03.2018 and is notified in Official Gazette on 04.05.2018.

The Protocol updates the provisions in the DTAA for exchange of information as per international standards. Further, the Protocol enables sharing of the information received from Kuwait for tax purposes with other law enforcement agencies with authorisation of the competent authority of Kuwait and vice versa.

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT.