TAX EVASION!!! Impossible from This Financial Year!

From 1st April 100% tax returns will be scrutinized and tax evasion will be history in India.

Imagine when Technology meets the Indian Government for catching up the TAX EVATORS!! A Tax tracker software which was under development, cost government more than Rs 1000 Crore and several years of building it, just to track expenses of all assess based on BIG DATA and then suggest department to pick up cases for scrutiny. That’s what India tax department is going to implement from 1 April 2019

What is Big Data??

Big Data is extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.

Big data Software which can be used to track tax evader is a reality for the Income Tax department. As per our sources, the Income Tax Department has given access to the software on 15 March 2019.

Now if you are traveling foreign county and posting pictures on social media, buying a luxury car and fulfilling your luxurious dream goals beyond your income as per your returns filed, then Income Tax Department can use BIG DATA to analyze it and check the mismatch between your earning and spending. TADAAA!!! That’s called a playing safe both ways.. either people won’t post pictures, check-in on Social Media, this way they can stay away from the most dangerous illness of All-time call MOBILE on there vacations or they have to pay the Right amount of Tax to Govt. The process can easily use the complete trail for even new tax filer. Also, the Department can prepare a master file having all details and key information about individuals and corporates.

The basic idea is to catch the tax evaders and also increase the number of people to file returns and pay tax, who are not filing returns. The Insight project will feature an integrated information management system, which will harness machine learning to help take the right step and the right time. It will entail collecting relevant web pages and documents that could be probed.

This is not new what India planned to do now, in fact, India now joins a select league of countries like Belgium, Canada, and Australia that are already using big data to keep a check on evasion. It is estimated that in the case of Britain launched similar software at an estimated cost of 100 million pounds. Since its inception in 2010, the system has prevented the loss of 4.1 billion pounds ($5.4 billion) in revenue. These cases would have mostly remained undetected without cutting-edge analytics.

The software will ensure 100% Scrutiny of all the returns filed and selection based on thousands of small parameters from which the probability of tax evasion will be Zero.