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Now, an Instagram post of your new car, watch may lead taxmen to your door

The dept will analyse mismatches in income declarations and spending patterns to trace tax evasion

Press Trust of India  |  New Delhi 

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A photo of your shiny new luxury car on Instagram or a costly watch on may lead the to your door as the department from next month will begin amassing virtual information to trace 'Project Insight', likely to be launched next month, will use big data analytics to match information from sites to deduce mismatches between spending pattern and declaration. The department will analyse mismatches in declarations and spending patterns to trace evasions and black money, an official said. The government has also made linking of with mandatory to get a 360-degree view of a person's and assets. The department had last year signed a pact with for implementation of Project Insight, which is designed to strengthen the non-intrusive information driven approach for improving compliance. "Currently beta testing is on and the integrated platform for Project Insight should be launched by next month," the official told PTI. Project Insight has been initiated by the department for data mining, collection, collation and processing of such information for effective risk management with a view to widen and deepen the base. It will help the taxmen monitor high value transactions, and curb the circulation of This is part of the steps the government has taken to unearth and undeclared or illegal wealth. The steps include launch of 'Operation Clean Money' after of old higher denomination currency for collection, collation and analysis of information on cash transactions, extensive use of and data analytics tools for identification of high risk cases, expeditious e-verification of suspect cases and enforcement actions. The information technology-based Project Insight will strengthen the information driven approach for improving compliance, the official said. The new technical infrastructure will also be leveraged for implementation of Foreign Account Compliance Act (FATCA) and Common Reporting Standard (CRS). 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. As part of Project Insight, a new Compliance Management Centralised Processing Centre (CMCPC) would also be set up for handling preliminary verification, campaign management, generation of bulk letters/notices and follow-up.

First Published: Mon, September 11 2017. 09:00 IST