IT Dept To Check Tax Evasion Through Project Insight This FY

IT Dept To Check Tax Evasion Through Project Insight This FY

The Income tax department in the FY20 will go on a full swing to clamp down tax evaders through its Project Insight initiative. For it, the department’s IT infrastructure that incorporates big data and data analytics for thoroughly profiling assessees has become fully operational.

IT Dept To Check Tax Evasion Through Project Insight This FY

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In the process, the dept will engage in identifying high-risk tax evaders and then gently nudge them via sms, calls and e-mails to work in accordance with the tax laws. And of the entire process, some of the functionalities have already been activated.

“Project insight seeks to capture information that assesses ought to have declared but have not. It will help tax officials in various tasks including nudging assessees to file returns where a default is noticed,” said the official.

Since the roll out of GST in July 2017, the govt now has significant information about taxpayers and even as the earlier threshold for GST registration has been hiked to Rs. 40 lakhs from the new financial year, the indirect tax reform has established a strong paper trail of transactions across the business value chain.

 

Source:- goodreturns

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