December 2016 Current Affairs

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Income Tax Department to launch Project Insight in May 2017

Income Tax Department to launch Project Insight in May 2017
21 November 2016 Current Affairs: The Income Tax department is planning to implement the first phase of ‘Project Insight’ from May 2017 to monitor high value transactions, with a view to curbing the circulation of black money. This project has been initiated for data mining, collection, collation and processing of such information for effective risk management with a view to widening and deepening tax base.

‘Project Insight’ is an integrated platform that will utilize vast amount of information easily available on social media to conduct raids online rather than traditional way of conducting random searches, known as tax raids. It will use data mining, big data and analytics to scoop out tax evaders from social media platforms like Facebook, Twitter and Instagram. 

The Permanent Account Number (PAN) will be the unique identifier is used by the Income Tax department to link and analyse various transactions relating to the tax payers. This will enhance the department’s ability to monitor the flow of funds and will provide an audit trail of high value transactions and curb circulation of black money The ‘Project Insight’ will be implemented in phased manner during the period 2016-2018. 

For its implementation, the IT department has signed a contract with L&T Infotech Ltd. It will also be leveraged for implementation of Foreign Account Tax Compliance Act Inter Governmental Agreement (FATCA IGA) and Common Reporting Standard (CRS).

Significance of ‘Project Insight’ :  It will help in catching tax evaders in a non-intrusive manner using technology and without traditional intrusive methods like search and seizure. 

The integrated platform will play a key role in widening of tax base and data mining to track tax evaders. The reporting compliance management system of project will ensure that third party reporting by entities like banks and other financial institutions is timely and accurate. It will also set up a streamlined data exchange mechanism for other government departments.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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