Why it pays to pay your taxes

I-T rewards for honest taxpayers likely

The income-tax (I-T) department has proposed monetary rewards for honest taxpayers depending on the tax paid by them. 

If implemented, this unprecedented initiative by the government will connect with honest taxpayers who play a vital role in nation building.

According to the proposal, the reward will be for taxpayers who are consistent in filing returns and have no outstanding tax liabilities. However, if a taxpayer defaults in the future, the tax department will deduct the amount from his refund with interest.

The quantum of the reward will depend on the amount of tax paid and the slab a taxpayer falls under. Sources said