A photo of your shiny new luxury car on Instagram or a costly watch on Facebook.
New Delhi: A photo of your shiny new luxury car on Instagram or a costly watch on Facebook may lead the taxman to your door as the tax department from next month will begin amassing virtual information (Project Insight) to trace black money .
The steps include launch of ‘Operation Clean Money’ after demonetisation of old higher denomination currency for collection, collation and analysis of information on cash transactions, extensive use of information technology and data analytics tools for identification of high risk cases, expeditious e-verification of suspect cases and enforcement actions.
The information technology-based Project Insight will strengthen the information driven approach for improving tax compliance, the official said.
The new technical infrastructure will also be leveraged for implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS).
The project will use technology to allow the government collate databases of IT returns, IT forms, TDS/TCS statements and Statement of Financial Transactions received from financial institutions.
