Income tax department from next month will begin amassing virtual information to trace black money.
It will launch Project Insight.
It will launch Project Insight.
Highlights of Project Insight
- It will use big data analytics to match information from social media sites to deduce mismatches between spending pattern and income declaration.
- The tax department will analyse mismatches in income declarations and spending patterns to trace tax evasions and black money
- In oder to get a 360-degree view of a person's income and assets, the government has also made linking of PAN with Aadhaar mandatory to get.
- IT Department had already signed a pact with L&T Infotech for implementation of Project Insight last year.
- The project will use technology to allow the government collate databases of IT returns, IT forms, TDS/TCS
- 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
