India's Income Tax Department has today signed a contract with L & T Infotech Ltd for implementation of Project Insight.
This integrated platform would play a key role in widening of tax-base and data mining to track tax evaders. The new technical infrastructure will also be leveraged for implementation of Foreign Account Tax Compliance Act Inter Governmental Agreement (FATCA IGA) and Common Reporting Standard (CRS). Implementation of reporting compliance management system will ensure that the third party reporting by reporting entities is timely and accurate. A streamlined data exchange mechanism will also be set up with other Government Departments and exchange partners.
A new Compliance Management Centralized Processing Centre (CMCPC) will also be setup as part of the Project for handling preliminary verification, campaign management, generation of bulk letters/notices and follow-up. The new CPC will not only promote voluntary compliance but also enable taxpayers to resolve simple compliance related issues in an online manner without visiting the Income tax office.
The Project will be rolled out in three phases and the first phase is expected to go live in May 2017.
L & T Infotech to track tax evaders via data mining for Income Tax Dept. pic.twitter.com/R451N9JIAF— Press Release Watch (@PrReleaseWatch) July 19, 2016
This integrated platform would play a key role in widening of tax-base and data mining to track tax evaders. The new technical infrastructure will also be leveraged for implementation of Foreign Account Tax Compliance Act Inter Governmental Agreement (FATCA IGA) and Common Reporting Standard (CRS). Implementation of reporting compliance management system will ensure that the third party reporting by reporting entities is timely and accurate. A streamlined data exchange mechanism will also be set up with other Government Departments and exchange partners.
A new Compliance Management Centralized Processing Centre (CMCPC) will also be setup as part of the Project for handling preliminary verification, campaign management, generation of bulk letters/notices and follow-up. The new CPC will not only promote voluntary compliance but also enable taxpayers to resolve simple compliance related issues in an online manner without visiting the Income tax office.
The Project will be rolled out in three phases and the first phase is expected to go live in May 2017.
