Now the case has been just turned into hands of income tax department again which diverged the public by the deposition scheme, as the concrete data will create an issue towards the history of money generated by an individual.
English newspaper ‘The Economic Times’ reports that Big Data tools can spy individuals tax returns, few people owned companies paid taxes worth as individuals tallied data being funded by the World Bank and other data will be collected from the banks.
Although it is considered impossible in practice to do but it is possible through this tool as speculated. The worldwide use of this tool is to detect irregularities as scrutiny of the results is experienced after the tax authorities. The tax payments by the government in May this year is to improve the tax fundings began using this analytics.
Now the expectation of department to raise the corporate tax and personal tax data will meet. The government’s corporate tax reporting in some cases has significant use of Big Data for the first personal tax as it will be going to use it extensively. Practically all of the details mentioned can be addressed as individual’s tax history.
According to the report, the analytics tool will not only gather, how much money deposited in banks as an individual but it will also provide information on how much the income tax paid in prior years. It will know how much corporate tax paid by the company and its employees which have no money in the bank and what they have done recently.
As assumed, the GST has been a very ambitious plan in financial reformation of taxation authorities to curb black money and seal all the tax evasion leakages by laying off structured taxation platform over the nation by online inclusion. The Income Tax department has understood this hard time and has got ready to improve every situation which gets handy for the goods and service tax coming April next year.
