Taxmen to snoop social networking sites to trace black money

Agencies
September 10, 2017

New Delhi, Sep 10: A photo of your shiny new luxury car on Instagram or a costly watch on Facebook may lead the taxman to your door as the tax department from next month will begin amassing virtual information to trace black money.

'Project Insight', likely to be launched next month, will use big data analytics to match information from social media sites to deduce mismatches between spending pattern and income declaration.

The tax department will analyse mismatches in income declarations and spending patterns to trace tax evasions and black money, an official said. The government has also made linking of PAN with Aadhaar mandatory to get a 360 degree view of a person's income and assets.

The tax department had last year signed a pact with L&T Infotech for implementation of Project Insight, which is designed to strengthen the non-intrusive information driven approach for improving tax compliance.

"Currently beta testing is on and the integrated platform for Project Insight should be launched by next month," the official told PTI.

Project Insight has been initiated by the income tax department for data mining, collection, collation and processing of such information for effective risk management with a view to widen and deepen the tax base.

It will help the taxmen monitor high value transactions, and curb the circulation of black money. This is part of the steps the government has taken to unearth and tax undeclared or illegal wealth.

The steps include launch of 'Operation Clean Money' after demonetisation of old higher denomination currency for collection, collation and analysis of information on cash transactions, extensive use of information technology and data analytics tools for identification of high risk cases, expeditious e-verification of suspect cases and enforcement actions.

The information technology-based Project Insight will strengthen the information driven approach for improving tax compliance, the official said. The new technical infrastructure will also be leveraged for implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS).

The project will use technology to allow the government collate databases of IT returns, IT forms, TDS/TCS statements and Statement of Financial Transactions received from financial institutions.

As part of Project Insight, a new Compliance Management Centralised Processing Centre (CMCPC) would also be set up for handling preliminary verification, campaign management, generation of bulk letters/notices and follow-up.

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News Network
September 7,2024

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Indian wrestler Vinesh Phogat on Friday joined the Congress ahead of the upcoming Haryana Assembly polls and will be the candidate from Julana. Along with Phogat, Bajrang Punia also joined the party.

Meanwhile, Former Wrestling Federation of India (WFI) chief and BJP leader Brij Bhushan Sharan Singh took a jibe at the wrestlers saying, "God has punished them for cheating."

"Haryana is the crown of India in the field of sports. And they stopped the wrestling activities for almost 2.5 years. Is it not true that Bajrang went to the Asian Games without trials? I want to ask those who are experts in wrestling. I want to ask Vinesh Phogat whether a player can give trials in 2 weight categories in a day? Can the trials be stopped for 5 hours after the weigh-in?... You did not win the wrestling, you went there by cheating. God has punished you for the same, " Brij Bhushan said, as reported by ANI.

Additionally he also called out Congress leader Bhupinder Hooda.

"I am not guilty of disrespecting daughters. If anyone is guilty of disrespecting daughters, it is Bajrang and Vinesh. And the one who wrote the script, Bhupinder Hooda is responsible for that. If they (BJP) will ask me (to campaign in the Haryana polls), I can go. One day Congress will have to regret it...," he said.

Both Phogat and Punia met Congress President Mallikarjun Kharge at his residence before officially joining the party at an event at headquarters in the presence of General Secretary (Organisation) K C Venugopal.

Vinesh Phogat, who defied several odds to make the final of the women’s freestyle 50 kg event of the Paris Olympics, was disqualified after being overweight by a few grams.

Now, Olympians Phogat and Bajrang Punia, who were at the forefront of the wrestlers' protest against former WFI chief and BJP leader Brij Bhushan Sharan Singh last year, entered the political arena on Friday by joining the Congress with a vow of "not being scared or backing off".

Hours after joining the Congress, Punia was appointed as the working chairman of the All India Kisan Congress. It seems unlikely now that he would be fielded in the polls.

The 90-member Haryana Assembly is scheduled to go to polls on October 5 and the counting of votes will be undertaken on October 8.

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News Network
September 20,2024

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Kasaragod: In a heartbreaking turn of events, the vibrant life of a young medical student from Kasaragod district was tragically cut short in a road accident in Coimbatore, Tamil Nadu, on Wednesday night.

Mohammed Rashid, a 20-year-old second-year MBBS student, hailed from the close-knit community of Kattatadka AKG Nagar in Kerala's Kasaragod district. Brimming with hope and aspirations, he had recently returned to Coimbatore to continue his studies after spending cherished moments with his family during a brief vacation back home.

On that fateful evening, around 8 PM, Rashid was crossing the road to grab dinner at a nearby hotel when tragedy struck. A speeding tipper truck hit him, leaving the young student fatally injured. Though he was rushed to the hospital, his fight for life ended before he could make it to the emergency room.

The devastating news sent shockwaves through his family and friends. His father, Ahmed, who works in the Gulf, returned immediately, heartbroken, to mourn the unimaginable loss of his beloved son. Rasheed's relatives, too, made the painful journey to Coimbatore, overcome with grief and disbelief.

The passing of Mohammed Rashid has left a deep void not only in the hearts of those who knew and loved him but in the wider community. His dreams of healing others and serving society as a doctor were tragically cut short, leaving behind an irreplaceable loss.

May his memory be a reminder of the fragility of life and the promise that he once held.

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News Network
September 18,2024

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The founder of Taiwan's Gold Apollo, Hsu Ching-Kuang denied that his company manufactured the pagers used in the explosions that occurred in Lebanon on Tuesday, resulting in at least nine fatalities and nearly 3,000 injuries.

The detonations were triggered simultaneously by pagers used by militant-group Hezbollah members across the country.

News agency Reuters reported that images of the destroyed pagers revealed a format and stickers on the back that were consistent with those produced by Gold Apollo.

A high-ranking Lebanese security official said that Hezbollah had placed an order for 5,000 pagers from the Taiwanese company.

Earlier, a New York Times (NYT) report said that pagers used by Hezbollah members that simultaneously exploded on Tuesday came from Taiwan, with Lebanon claiming that explosives packed in sometime before they arrived in Lebanon.

However, Hsu clarified that the pagers involved in the incident were manufactured by a European company called BAC, which had the right to use Gold Apollo's brand. "The product was not ours. It was only that it had our brand on it," he said, without disclosing the name of the European manufacturer. Hsu further said that Gold Apollo was also a victim in this situation.

"We are a responsible company. This is very embarrassing," Hsu said.

According to media reports, Hezbollah's fighters started using pagers believing they could avoid Israeli tracking of their locations.

Hezbollah blames Israel, vows 'punishment'

Hezbollah vowed revenge against Israel following accusations that the latter was responsible for detonating pagers throughout Lebanon.

Ziad Makary, the Lebanese information minister, denounced the detonation of the pagers, which are commonly used by Hezbollah and other groups in Lebanon for communication purposes. He labeled the incident as an "Israeli aggression". Meanwhile, Hezbollah declared that Israel would face "its fair punishment" for the explosions.

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