Ministry of Finance 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 Posted On: 01 JUN 2018 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 w...