project Insight Project, initiated by the Income Tax Department to check tax evasion, will take effect from October.
$156 Million 'Project Insight'The Income Tax Department, which aims to capture black money on social media accounts, An Income Tax Department is an image of an expensive watch or a photo of a luxury car that is posted on Facebook. The project Insight Project, initiated by the Income Tax Department to check tax evasion, will take effect from October. Check the Income Tax Department as an incompatibility between social media sites and information provided in the income tax statement.
What is Project Insight
Project Insight is centered on the social media posts of those who cheat the government by paying less taxes. Project Insight, which is expected to cost 100 crores, will become the largest biometric identification system in the world. This can be done by trying to ensure that people pay tax on income taxes.
Foreign countries model
Belgium, Canada and Australia are currently using data from social media to prevent tax evasion. The Modi government is trying to implement this model in India.
Even Selfie works!
Even the Self-Defense Department can use the weapon as a weapon to kill you even for a selfie from the car. Photo from before the cottage custody are posted on Facebook or Instagram and the Income Tax Department will be used to capture tax fraudsters. The government has been trying to monitor social media platforms including Instagram and Facebook posts.
Leave it to traditional styles !!
The center's move is to closely monitor social media posts alternatives to the bank account checks used to check the income of individuals in the normal course. Social media posts are designed to help people find out what they are spending. It will then compare it to the revenue submitted to the income tax returns by the IT department.
No raid and inspection !!
The Income Tax Department will adopt a mechanism to take action against those found guilty of collecting personal information of the suspects in the form of alleged tax evasion. The new system is very different from the traditional style of raiding the office and home and finding the documents.
Pancard is the villain !!
The Income Tax department will be able to make it easier for people to understand the financial transactions of the Aadhaar numbers and the pancards to impose income taxes. The Income Tax Department will take steps to collect and analyze the information. The IT department has signed an agreement with L & T Infotech for developing special technology for this purpose.