” Project Insight ” By Income Tax Department Set to Launch in October 5th
- Project Insight is a brand new system set to launch by the income tax department of India to track black money circulation using social media on next month.
- Government is looking for every possible way to track down the circulation of black money around the country.
- Project Insight will be a milestone for governments future plans on black money.
What Is Project Insight?
- From next month onwards government will analyze your social media profiles and activities and looks to match your spending pattern with income tax declaration.
- For example, If you post a photo of your brand new car or luxury house on Facebook or other social media sites, which is not mentioned in income tax declaration then Project Insight will track you and on the next day, you can expect taxmen on your door step.
- Government becomes more advanced day by day and things will be not easier as yesterday. Countries like Belgium, Canada, and Australia are already using this kind of methods to unearth tax evasion that may have gone undetected without technology.
- Project Insight resembles the U.K.’s ‘Connect,’ which almost cost around 100 million pounds.
- India is spending $156 Million For Project Insight.
- Project Insight has been initiated by the income tax department for data mining, collection, collation, and processing of such information for effective risk management with a view to widen and deepen the tax base. It will help the taxmen monitor high-value transactions and reduce the circulation of black money. This is part of the steps the government has taken to unearth and tax undeclared or illegal wealth.
- Few month back income tax department of India mandatorily linked PAN card to Aadhaar so that taxmen can track the individuals every transaction.
- Demonetization was also a move towards black money elimination but it did not reach Governments expectations.
- The income tax department had last year signed a pact with L&T Infotech for implementation of the Project.