Current Affairs

Project Insight To be Launched In India

Income tax department from next month will begin amassing virtual information to trace black money.
It will launch Project Insight.

Project Insight To be Launched In India

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
Project Insight To be Launched In India Project Insight To be Launched In India Reviewed by insiya yadav on September 12, 2017 Rating: 5

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