Project Insight is a new project started by Indian Government to capture tax evaders. If you are serial tax evader then shortly finance ministry will look at you and capture you through Project Insight.
It is clear by Project Insight that Government dig your accounts and find your transactions from root level.
It is a ministry project, expanding the tax base by grabbing tax evaders using Project Insight. The ministry spent 150 crore to buy data analytics software and the required infrastructure integrated with it. The ministry has also attached a non-disclosure agreement to the tender for security reasons.
Instead of using instruments like search and seizures to track the source of hidden funds, income tax department is going to use the big data analytics software to mine information. India is now capable of making sense of collected data using unmatched information Technology. India has giants like Infosys, Exact IT Solutions, HCL, TCS, and Wipro etc. So spending so much money for data analytics software is sensible from my point of view. Now the government should also adopt GST that creates audit of value addition and income thoroughly. Both the technologies lead to a sharp reduction in tax evasion.
The most important and interesting point is the government catch tax evaders according to their ranks, it means tax evaders expected to rank according to the amount of tax that could be recovered and government will go after first ranked tax evader first and so on.
The challenges under the project insight will be
Leverage Data Analytics
Alert Management
Case analytics capabilities to prepare case profiles
Select appropriate intervention
The project track permanent account numbers which are quoted on financial transactions and match them with income tax filling.
The ministry automate common tasks which take so much time in past and hope to speed up to resolve the cases of tax evasion.
The tender calling for bids was floated in June. According to advertisement ,bidders can collect it by submitting a letter of authorization, a non-disclosure agreement and a pre-bid integrity pact.
There are also advertisements for recruitment of staff required to run this project by Directorate of Income Tax (Systems).According to the Directorate, the project will integrate
Enterprise data warehouse
Data mining
Web mining
Predictive modelling
Data exchange
Master data management
Centralised processing
Compliance management
Case analytics capabilities
But point of concern is the back ended payment is low which can restrict the bidders to step aside and do not take part in bidding.
So the government is taking serious steps to catch tax evaders and boost Indian Economy. It is beyond our thinking to calculate the benefit India will have. So, it is mandatory to fill tax on time and be a noble person.
Ruchi Anand and Associates, the top tax consultant in India whom you can trust for tax filling and resolution of tax issues. They also provide audit services, set up a new company, Outsourcing, Reporting, Taxation, and Special Areas.
started by kanika321 on 30 Jul 15
Project Insight is a new project started by Indian
Government to capture tax evaders. If you are serial tax evader then shortly
finance ministry will look at you and capture you through Project Insight.
It is clear by Project Insight that Government dig your
accounts and find your transactions from root level.
It is a ministry project, expanding the tax base by grabbing
tax evaders using Project Insight. The ministry spent 150 crore to buy data
analytics software and the required infrastructure integrated with it. The
ministry has also attached a non-disclosure agreement to the tender for
security reasons.
Instead of using instruments like search and seizures to
track the source of hidden funds, income tax department is going to use the big
data analytics software to mine information. India is now capable of making
sense of collected data using unmatched information Technology. India has
giants like Infosys, Exact IT Solutions, HCL, TCS, and Wipro etc. So spending
so much money for data analytics software is sensible from my point of view.
Now the government should also adopt GST that creates audit of value addition
and income thoroughly. Both the technologies lead to a sharp reduction in tax
evasion.
The most important and interesting point is the government
catch tax evaders according to their ranks, it means tax evaders expected to
rank according to the amount of tax that could be recovered and government will
go after first ranked tax evader first and so on.
The challenges under the project insight will be
Leverage Data Analytics
Alert Management
Case analytics capabilities to prepare case profiles
Select appropriate intervention
The project track permanent account numbers which are quoted
on financial transactions and match them with income tax filling.
The ministry automate common tasks which take so much time
in past and hope to speed up to resolve the cases of tax evasion.
The tender calling for bids was floated in June. According
to advertisement ,bidders can collect it by submitting a letter of
authorization, a non-disclosure agreement and a
pre-bid integrity pact.
There are also advertisements
for recruitment of staff required to run this project by Directorate of Income
Tax (Systems).According to the Directorate, the project will integrate
Enterprise data warehouse
Data mining
Web mining
Predictive modelling
Data exchange
Master data management
Centralised processing
Compliance management
Case analytics capabilities
But point of concern is the
back ended payment is low which can restrict the bidders to step aside and do
not take part in bidding.
So the government is taking
serious steps to catch tax evaders and boost Indian Economy. It is beyond our
thinking to calculate the benefit India will have. So, it is mandatory to fill
tax on time and be a noble person.
Ruchi Anand and Associates,
the top tax consultant in India whom you can trust for tax filling and
resolution of tax issues. They also provide audit services, set up a new
company, Outsourcing, Reporting, Taxation, and Special Areas.