LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Business News » India News

Project Insight likely to be launched next month; 7 things you need to know

The tax department had last year signed a pact with L&T Infotech for implementation of Project Insight, which is designed to strengthen the non-intrusive information driven approach for improving tax compliance.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
Project Insight likely to be launched next month; 7 things you need to know
Representational Image: Photo: Pixabay
Written By: ZeeBiz WebTeam
Updated: Wed, Sep 13, 2017
02:39 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Govt may pull up tax evaders via social media posts from next month Govt may pull up tax evaders via social media posts from next month
War on black money round up: Seven initiatives that PM Modi took in 2016 War on black money round up: Seven initiatives that PM Modi took in 2016

As promised by Modi-government before taking charge of the country in 2013, this government has taken some severe steps in order to curb black money floating in the country.

After demonetisation, Operation CLean Money, Income declaration scheme, now it is time for Project Insight. 

The Income Tax Department, will be launchingf "Project Insight' from next month where they will use big data analytics to match information from social media sites to deduce mismatches between spending pattern and income declaration.

The tax department had last year signed a pact with L&T Infotech for implementation of Project Insight, which is designed to strengthen the non-intrusive information driven approach for improving tax compliance.

"Currently beta testing is on and the integrated platform for Project Insight should be launched by next month," the official told. 

Earlier a report by NDTV had mentioned that the government has been working on ‘Project Insight’ over the past seven years for a cost of nearly $156 million.

Here are five things you need to know about Project Insight:

1. Introduced by the Income Tax Department to strengthen the non-intrusive information-driven approach for improving tax compliance and effective utilization of available information.

2. Chetan Chandak, Head of Tax research, H&R Block India said Income tax Transaction Interaction Analysis Centre (INTRAC) and Compliance Management Central Processing Centre (CMCPC) are the two modules of Project insight .

3.  INTRAC uses technologies such as data processing, data quality monitoring, data analytics which helps in showing discrepancies in income. 

4. For example, if you purchased a property worth Rs 1 crore but have showed income of Rs 5 lakhs in your returns, an alert is generated for further investigations. In addition to which, INTRAC will mine data from the web and social media to gain more clarity about the person. If you post about a luxury trip and don’t file income tax returns, expect a letter from authorities seeking details of your income.

5. Without any human intervention CMCPC handles preliminary verification, generates bulk notices and follow-up on the same and also automatically uploads the replies provided by assessees. 

6. This initiative will help in widening the tax base and promote voluntary compliance by individuals. 

7. The new technical infrastructure will also be leveraged for implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS), a PTI report said.

ALSO READ:
  • War on black money round up: Seven initiatives that PM Modi took in 2016
  • Govt may pull up tax evaders via social media posts from next month
  • Taxmen to snoop social networking sites to trace black money

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Project insightBlack MoneyIncome Tax DepartmentProject Insight launchOperation Clean MoneyDemonetisationIncome tax Transaction Interaction Analysis CentreCompliance Management Central Processing CentreForeign Account Tax Compliance Act
RELATED NEWS
Govt may pull up tax evaders via social media posts from next month Govt may pull up tax evaders via social media posts from next month
War on black money round up: Seven initiatives that PM Modi took in 2016 War on black money round up: Seven initiatives that PM Modi took in 2016

LATEST NEWS

Patna: Murdered IndiGo airlines manager's family demands CBI probe

Skoda launches refreshed version of Superb in India tagged Rs 31.99 lakh onwards

Himachal schools reopen date: HP govt orders partial opening from February

HDFC Securities highlights that 14563-14256 is the resistance/support for the Nifty in the near term

Six Indians in top-10 of BWF world junior rankings

Ind vs Aus 4th Test: Centurion Labuschagne disappointed at not getting "big score"

Honda City tops mid-sized sedan segment in 2020 with sale of 21,826 units

Mid-cap Stock Picks With Anil Singhvi: Buy IRCTC, Trident and Speciality Restaurants shares for good returns

PUBG Mobile India launch date: Rumours rage with this announcement; will the Battle Royale Game make comeback? Check latest report

After Rakesh Jhunjhunwala sells 12 lakh Escorts shares, price falls! What must investors do? Expert reveals

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved