The income tax department is all set to nab the income tax evaders with its pool of expertise and vast data of transactions caught by the officials through deep exploration. The project insight by the income tax department is focused on garnering additional data on the individual to ascertain their income patterns while also considering his purchasing behaviour in order to speculate his overall tax liability.
The income tax department is set to command actions on the basis of all the data collected through the project insight and would target it against the taxpayers who are doubtful of any tax evasion activity.
What is Project Insight by Income Tax Department?
The project insight by the income tax department has the latest data analytics which would further help the department to identify those tax evaders whose income tax return filing and expenses don’t match with what they have shown up.
Also, the department will be calling the taxpayers as well as messaging them for any particular filing or compliance regarding the pending income tax of the taxpayer.
Functionalities of IT Department Project Insight
The functionality of the project insight is now activated and will be tracking down the suspicious traders and taxpayers who have evaded the taxes as per government sources.
As per the official, “Project insight seeks to capture information that assesses ought to have declared but have not. It will help tax officials in various tasks, including nudging assessees to file returns where the default is noticed,”.
As the department has now massive data on the taxpayers, there will be profiling deeply into the data which would further help maintain overall tax compliance.
While in recent the GST registration threshold increased to INR 40 lakhs making the department more aware of the papers done with the government offices which would help the IT officers to scrutinize more and more taxpayers.
Also, the officials will be having foreign bank details, other transactions regarding property, motor vehicle purchase, and rental income added to the spending patterns.
It seems that the department will have complete details for the taxpayers with the help of project insight and data analytic tools which will help in stronger compliance norms across the country.
