Income-tax
department to launch Project Insight
Project
Insight, the income-tax (I-T) department’s ambitious project to effectively
utilize the vast amount of information at its disposal more effectively to
track tax evaders, will roll out from May 2017.
As a step in that direction, the
tax department has signed a contract with L&T Infotech Ltd for its
implementation.
The project will
be rolled out in three phases, with the first phase being implemented from May
2017.
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).
Benefits
Project Insights will play key role in widening of tax base and data
mining to track tax evaders. It will help in catching tax evaders in non-intrusive
manner like search and seizure. It will help to promote voluntary compliance
and also enable taxpayers to resolve simple compliance and also enable
taxpayers to resolve simple compliance related issues in online manner without
visiting Income tax office.
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