Project Insight will launch by Income Tax Department in May 2017

Project Insight will launch by Income Tax Department in May 2017

Income Tax Department is intending to implement ‘Project Insight’ programs first Phase from May 2017 to scan high amount transactions. The main intention of the Project Insight is to prevent the black money circulation.

project-insightThis project has been started for data mining, data collection and data collation and processing all info for effective risk management with a view to widening and deepening tax base.

Project Insight will use data mining, big data and analytics to scoop out tax evaders from social media platforms like Face book and Twitter.

PAN will be the unique identifier used by Income Tax Department to link and analyze different types of dealings relating to the tax payers.

This activity will develop the department’s grip to monitor the funds flow and will give an audit trail of big amount transactions and restrain black money circulation. This project will be executed in stages during 2016-2018 years period.

For this projects execution, the department of IT has signed a contract with Larsen & Toubro InfoTech Ltd. It will also be leveraged for implementation of Foreign Account Tax Compliance Act Inter Governmental Agreement (FATCA IGA) and Common reporting Standard (CRS).

Importance of Project Insight: The project will help in finding tax evaders in a non intrusive manner using tech support and without traditional intrusive processes like search and seizure.

This combined platform will play an important role in widening of tax base and data mining track tax evaders.

It will also set up a streamlined data exchange mechanism for other govt departments.

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