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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coastaldigest.com news network
September 7,2024

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Mangaluru: The bustling coastal city of Mangaluru is about to get a vibrant makeover with the introduction of food streets in three prime locations, courtesy of the Dakshina Kannada district administration, Mangaluru City Corporation (MCC), and Mangaluru Smart City Limited (MSCL). 

These food streets aim to infuse the city's social and cultural life with new energy, while providing residents and visitors a tantalizing array of culinary delights.

The first food street, soon to be unveiled, is set to light up the area near Mangala Stadium, where around 27 food stalls will offer a range of delicious treats. According to Mayor Sudheer Shetty Kannur, the project will be spearheaded by the MSCL, which has already identified two more locations for additional food streets across the city.

“Stalls will be set up on land belonging to the Department of Youth Empowerment and Sports, right next to Mangala Stadium,” shared the Mayor. Deputy Commissioner Mullai Muhilan MP has instructed MSCL to execute the project via a tender process. Following the completion of civil works, eligible bidders will be allotted food stalls. Other food streets will come up near Mahaveer Circle (Pumpwell) and at Sharbathkatte near Karnataka Polytechnic, bringing the city’s favorite street foods closer to even more neighborhoods.

Pradeep D’Souza, Deputy Director of Youth Empowerment and Sports, confirmed that work has already begun near Mangala Stadium. 

“The MSCL is making swift progress under the guidance of the Deputy Commissioner. The designated land lies between Karavali Utsav Maidan and Mangala Stadium, with permanent shops on one side and the food street to be developed on the other. The area will be equipped with essential amenities, including drinking water, electricity, and proper drainage. Cleanliness and organization will be prioritized, ensuring a welcoming atmosphere that can draw large crowds,” he said. The project is moving quickly, with completion expected in the near future.

Once completed, these food streets will not only enhance Mangaluru's charm but also provide a fresh destination for food lovers to gather, explore, and savour the diverse flavours of the city.

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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 13,2024

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In a huge relief for Delhi Chief Minister Arvind Kejriwal ahead of the Haryana elections, the Supreme Court has granted him bail in the Delhi excise policy case. The AAP chief will now be released from jail, six months after his arrest by the Enforcement Directorate on March 21. He was subsequently arrested by the CBI in June.

Here are some of the Supreme Court's key quotes:

•    Perception also matters and CBI must dispel the notion of being a caged parrot and must show it is an uncaged parrot. CBI should be like Caesar's wife, above suspicion. 

•    "No impediment in arresting person already in custody. We have noted that CBI in their application recorded reasons as to why they deemed necessary. There is no violation of Section 41A (3) of Code of Criminal Procedure," said Justice Surya Kant.

•    Justice Ujjal Bhuyan, however, noted, "CBI did not feel the need to arrest him (Mr Kejriwal) even though he was interrogated in March 2023 and it was only after his ED arrest was stayed that CBI became active and sought custody of Mr Kejriwal, and thus felt no need of arrest for over 22 months. Such action by the CBI raises serious question on the timing of the arrest and such an arrest by CBI was only to frustrate the bail granted in ED case."

•    Submission of additional solicitor general cannot be accepted that appellant has to first approach trial court for grant of bail. Process of trial should not end up becoming a punishment. Belated arrest by CBI is not justified.

•    Regarding building a public narrative of a case... Arvind Kejriwal shall not make any public comments about this case and be present for all hearings before trial court unless exempted.

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