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Project Insight
A photo of your shiny new car on Instagram or the Facebook post about your chic holiday cottage may lead the taxman to your door.
A photo of your shiny new car on Instagram or the Facebook post about your chic holiday cottage may lead the taxman to your door. Soon, Prime Minister Narendra Modi's government will begin amassing a warehouse of virtual information collected not just from traditional sources like banks but also from social media sites, as it looks to match residents' spending patterns with income declarations, said people familiar with the matter.
Officials will be able to spot those who pay too little tax without raiding offices and homes as they currently do, the people said, asking not to be identified citing rules on speaking with the media. Built over seven years at a cost of about Rs 1,000 crore ($156 million), 'Project Insight' will complement the world's largest biometric identity database and India's most ambitious tax overhaul as policy makers try to get more people to pay up.
While the economy is among the fastest-growing in the world, revenues aren't keeping pace, bloating PM Modi's budget deficit and triggering anxiety about over-zealous tax sleuths, reports Bloomberg. The Income Tax Department has signed a contract with L&T Infotech Ltd for implementation of Project Insight. This integrated platform would play a key role in widening of tax-base and data mining to track tax evaders.
The new technical infrastructure will also be leveraged for implementation of Foreign Account Tax Compliance Act Inter Governmental Agreement (FATCA IGA) and Common Reporting Standard (CRS). Implementation of reporting compliance management system will ensure that the third party reporting by reporting entities is timely and accurate.
A streamlined data exchange mechanism will also be set up with other Government Departments and exchange partners. A new Compliance Management Centralized Processing Centre (CMCPC) will also be setup as part of the Project for handling preliminary verification, campaign management, generation of bulk letters/notices and follow-up.
The new CPC will not only promote voluntary compliance but also enable taxpayers to resolve simple compliance related issues in an online manner without visiting the Income tax office. The project ensures the continuation of the Department's goal towards business transformation through technology.
