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01 August, 2017

Red Alert for all Government Employee about Income Tax(IT).

Red Alert for all Government Employee about Income Tax(IT).

Caution: In the tax return, the complete information will be collected by the Income Tax Department.

It’s hardly hard for anyone to get congratulations on social media by inserting new cars, homes or holidays. But if you do not give these information in tax returns, be cautious as the government is going to start exploring social media accounts like Facebook-Instagram from August.

The government will match the postal disclosure of your lifestyle on movable assets and social media including bank accounts, so that the sources of expenses and income can be matched. The objective of this exercise is to bring as many people as possible to the tax structure.

On condition of anonymity, an official said that on social media sharing, tax officials will be able to find out the raid on houses or offices without knowing whether people have been paying a small amount to lure the government treasury.

At present, existing data of credit card expenses, property, stock investment, cash purchase and deposits will also be sent to the new system. After checking the expenditure on social media, after match with tax, the central team will send messages to suspected citizens by posting or emailing that they fill their tax returns.

Drill faster than next year

In the second phase of the project, data analysis will be sorted out. Investigations will be done in suspected cases of expenditure and tax disturbances. The third and final phase will start from May 2018, when the advance system will suspect the thieves already identified.

1,000 crore project

The government has created the world’s largest biometric identity database under Project Insight. 1,000 crore has been spent on this in seven years. For this, the services of India’s largest engineering group Larsen & Toubro have been taken.

Britain has achieved great success

The UK started Connect Data Centers in 2010 to monitor social media accounts. According to a December 2016 report by Financial Accountant of London, tax officials have seized tax evasion of around 350 billion rupees. The case of legal action related to tax evasion has also increased from 165 to 1165.

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