Income Tax Department Will use Social Media Sites Facebook, Twitter to Scoop out Tax evaders

Are you evading tax? Then here is some bad news for you. The income tax department has found new technologies and innovations to caught people those who avoids paying tax. The Dept of Income Tax is all set to use social media platforms Twitter, Facebook, and Instagram to scoop out tax evaders. It is all set to release Project insight which will use data mining and big data technologies for this operation.

Last Year, Income Tax Department had drifted to attain high-end analytics tool to scan social media profiles of wealthy and modern Indians. This time the Income Tax Department hints that full-scale data mining operations would start from next financial year.

An unknown official from Income Tax Department stated, “Project Insight might implement in the year 2017-18, and approximately Rs 1000 crore budget has allocated for this.”

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Social Media Platform Review

Income Tax Department usually conducted tax raid popularly known as IT raids at homes or offices of famous politicians, cinema industry people or businesspeople who show less income to evade tax. But now, the social media platform would be reviewed, and IT raids could conduct in online right into your personal social media profiles.

According to the latest reports, it has doodled out an extensive and detailed blueprint to trail tax evaders using technologies like enterprise data warehouse, data mining, web mining, predictive modeling, data exchange, master data management, centralized processing, compliance management and case analytics capabilities.

Latest News is L&T InfoTech has been tied to consult income tax department for scanning and reporting tax evaders using their social media data.

How Can Income Tax Department can Track Crores of People Information?

Probably it is tough to monitor 120 plus population profiles, so the technology is being used to track the income and expenditure of tax evaders. To execute this operation, IT Department will use Pan Card as the Unique Identifier which will help to picked up tax evaders with a high level of accuracy.

Besides this, various data points from other Government departments such as the central board of direct taxes, excise department, house and wealth tax departments and banks would be checked and team up to find out the people who are spending more than they show.

What do you say about this? Will Data mining and big data support Income Tax Department to catch tax evaders in India? If rich people stop posting their spectaculars online, what the Dept can do is the million dollar question.

For More News Updates: Techfactslive

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