Beware, you are under the scanner no matter what your source of income is. A snap of your newly bought luxury sedan or a Rado watch at social networking sites like facebook, instagram or twitter can make the income tax department knock your door.
With the use of big data the IT department plans to match the pattern of spending habits and declared income. An official on the basis of anonymity said. The linking of Aadhar and PAN card has been made mandatory by the tax department with the sole intent to get a bird's eyeview of an individual's income and assets.
The project has been entered between the IT department and L&T Infotech to have a non interfering approach only to extract tax information. "Currently beta testing is on and the integrated platform for Project Insight should be launched by next month," the official told the press.
The IT department believes that Project insight will widen the tax base. It will help the taxmen monitor high value transactions. Post demonetisation the government has taken several steps to curb the circulation of monetary resources in fewer hands.
The steps include launch of 'Operation Clean Money' of old higher denomination currency for collection, collation and analysis of information on cash transactions, extensive use of information technology and data analytics tools for identification of high risk cases, expeditious e-verification of suspect cases and enforcement actions.
The project will use technology to allow the government collate databases of IT returns, IT forms, TDS/TCS statements and Statement of Financial Transactions received from financial institutions.