Begin typing your search above and press return to search.
Think twice before sharing Pics on Social Media
By: Tupaki Desk | 31 July 2017 7:42 AM GMT
Centre will be launching 'Project Insight' from August this year. This project costing Rs 1,000 crore has been in the testing mode since the past 7 years. It's an attempt to identify Tax Evaders through Social Media and make them pay taxes.
Think twice before you wish to share holiday pics and photographs of brand new car on Facebook, Twitter, Instagram and any other social networking site. Why because, Taxmen will be keeping an eye on them and crosscheck if your spending matches up to the income declarations. Countries such as Canada, Australia and Belgium have already been using this procedure to unearth Tax Evasion.
Tax-to-GDP ratio of India is 17%. Whereas, Most of the Asian Nations have 20% Tax-to-GDP ratio. Improvement is expected to be 30-40% during the first phase of Project Insight.
In the first phase, Tax Officials will tally cash purchases, deposits, credit card spendings, property & stock market investments. Notice will be send to tax evaders through postal or emails seeking filing of Taxes.
In the second phase starting from December, Data Analytics will mine, clean and process the information. Individuals spending profiles will be created.
In the last phase, Possible defaults and risks will be predicted using Advanced Systems.
Think twice before you wish to share holiday pics and photographs of brand new car on Facebook, Twitter, Instagram and any other social networking site. Why because, Taxmen will be keeping an eye on them and crosscheck if your spending matches up to the income declarations. Countries such as Canada, Australia and Belgium have already been using this procedure to unearth Tax Evasion.
Tax-to-GDP ratio of India is 17%. Whereas, Most of the Asian Nations have 20% Tax-to-GDP ratio. Improvement is expected to be 30-40% during the first phase of Project Insight.
In the first phase, Tax Officials will tally cash purchases, deposits, credit card spendings, property & stock market investments. Notice will be send to tax evaders through postal or emails seeking filing of Taxes.
In the second phase starting from December, Data Analytics will mine, clean and process the information. Individuals spending profiles will be created.
In the last phase, Possible defaults and risks will be predicted using Advanced Systems.
