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).
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.