Income Tax Department to Cross-Check Taxpayer's Social Media Profiles With ITR
Beware of Posting Pictures of Luxury Items on Facebook, Instagram: Under Project Insight, Income Tax Department to Cross-Check Taxpayer's Social Media Profiles With ITR
Image used for representational purpose. (Image Credits: PTI)
New Delhi, March 29: Officials of Income Tax department might knock your door if you would post a picture of your luxury car on Facebook or photos of your lavish wedding on Instagram as the I-T department will keep a tab on social media profiles of taxpayers under Project Insight from April 1. Project Insight will be launched to trace black money and deduce mismatches between spending pattern and income declaration.
To carry out Project Insight, the I-T department has signed a pact with L&T Infotech. According to a report of Business Standard , the I-T department will create the 360-degree profile of taxpayers, including new and non-filers to gauge their accountability and tax liability. The comprehensive profile will have details such as transactions, relationships, social networking accounts, IT returns, IT forms, TDS/TCS statements and Statement of Financial Transactions received from financial institutions.
Project Insight will help the taxmen monitor high-value transactions, curb the circulation of black money and catch tax evaders. So, if you share a picture of your new car or photo of your foreign vacation, the I-T department will compare your spendings with your income declaration to deduce the mismatch. In case of any mismatches, the next step could be a tax raid in your home or office. The motive is to bring more people under the tax net.
Image used for representational purpose. (Image Credits: PTI)
New Delhi, March 29: Officials of Income Tax department might knock your door if you would post a picture of your luxury car on Facebook or photos of your lavish wedding on Instagram as the I-T department will keep a tab on social media profiles of taxpayers under Project Insight from April 1. Project Insight will be launched to trace black money and deduce mismatches between spending pattern and income declaration.
To carry out Project Insight, the I-T department has signed a pact with L&T Infotech. According to a report of Business Standard , the I-T department will create the 360-degree profile of taxpayers, including new and non-filers to gauge their accountability and tax liability. The comprehensive profile will have details such as transactions, relationships, social networking accounts, IT returns, IT forms, TDS/TCS statements and Statement of Financial Transactions received from financial institutions.
Project Insight will help the taxmen monitor high-value transactions, curb the circulation of black money and catch tax evaders. So, if you share a picture of your new car or photo of your foreign vacation, the I-T department will compare your spendings with your income declaration to deduce the mismatch. In case of any mismatches, the next step could be a tax raid in your home or office. The motive is to bring more people under the tax net.
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