Your social media account is now under the radar of Income Tax Department to track down your expensive purchase.
You have bought the shiny luxurious car is a good decision but when you post it on your social media accounts, you might be inviting government officials to inquire about the amount of money you spent. This smart approach is on the card of centre to control black money in nation.
To clear the mismatches between spending capacity v/s income declaration, ‘Project Insight’ will be your next focus if you are hiding something from government. In addition, earlier, government also managed to link the PAN & Aadhaar for keeping watch on person’s income and assets.
L&T Infotech will be exclusively developing the system that will extract out such a person possessing mismatch of combinations. This project is focused the get non-intrusive information which will further enhance tax compliance.
Project Insight is currently in beta mode and it is developed to for data mining, collection, collation and processing of risk management ahead of wide & deep tax base of India.
After ‘Operation Clean Money’ (Demonetisation), government is using extensive technology to trace down the person of interest in suspected cases and enforcement actions. Although, Project Insight will also be implemented to Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS).
As part of Project Insight, a new Compliance Management Centralised Processing Centre (CMCPC) would also be set up for handling preliminary verification, campaign management, generation of bulk letters/notices and follow-up.
Hence, it would be difficult for every individual who is trying to escape the government’s tax radar.