Don’t be surprised if you get a notice from the income tax (I-T) department for flaunting an expensive watch or car on social media platforms such as Facebook, Twitter or Instagram.
I-T department’s Project Insight, to be launched in the 2017-18 financial year, aims to mine big data from social media to scrutinise potential tax evaders. “If you flaunt that you have gone on an expensive trip to a foreign location on Facebook and other social media, we will gather that information to match it with your income declared,” a finance ministry official said.
Another official confirmed that Project Insight will include data from social media platforms. “Project Insight will essentially do data mining. It will use inputs from various sources. Social media would be one of those,” he said. The work on Project Insight has already begun and the department plans to launch it soon.
I-T department’s Project Insight, to be launched in the 2017-18 financial year, aims to mine big data from social media to scrutinise potential tax evaders. “If you flaunt that you have gone on an expensive trip to a foreign location on Facebook and other social media, we will gather that information to match it with your income declared,” a finance ministry official said.
Another official confirmed that Project Insight will include data from social media platforms. “Project Insight will essentially do data mining. It will use inputs from various sources. Social media would be one of those,” he said. The work on Project Insight has already begun and the department plans to launch it soon.
When asked whether the project would come into force from the beginning of the next financial year, an official said such details were yet to be finalised.
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