The Income Tax department in India is bringing out an initiative called 'Project Insight' and planning to implement the first phase of 'Project Insight' from May, 2017 to stop the flow of black money. The 'Project Insight' will be implemented in phased manner during the period 2016-18.
For its implementation, the IT department has signed a contract with L&T Infotech Limited. It will also be leveraged for implementation of .Foreign Account Tax Compliance Act Inter Governmental Agreement (FATCA IGA) and Common Reporting Standard (CRS).
Salient Features
•Project Insight will use data mining, big data and analytics to scoop out tax evaders from social media platforms like Facebook, Twitter and Instagram.
•It will bring an effective and new age way with a view to widening and deepening tax base as with the help of information from social media, online raids will be possible.
•The Permanent Account Number (PAN) will be the unique identifier is used by the Income Tax department to link and analyse various transactions relating to the tax payers.
•This will enhance the department's ability to monitor the flow of funds and will provide an audit trail of high value transactions and curb circulation of black money.
