The Narendra Modi government is trying every possible way to catch hold of tax evaders i.e. the people who try to hide their wealth. First, it gave a sudden shock with demonetization, then it launched certain limits on cash transactions and bank deposits and now, it has gone even further to achieve its goal.
We all know that social media is more of a “Show-off” platform rather than a “Social” platform. The moment people purchase some expensive thing, for instance a car, they upload the pic on their Facebook or Instagram account! Till now, it was all fun and enjoyment, but very soon, things are going to get tougher.
Modi’s smart move: To target all social media platforms of users.
Haha , for all those who underestimate our PM, here’s a brilliant move from his side. From next month, your social media accounts won’t be spared. No matter how much you try hiding your wealth in order to escape taxes, your Facebook and Instagram profiles are going to be under Income Tax Department’s scanner.
Why social media platforms?
This move is for all those people who are under the impression that income can be analyzed only through bank accounts.
Modi government is now planning to get an idea of spending patterns through your profiles. For example, if you have purchased a new expensive gadget or a car and are paying less or no tax, then you are gone. You can surely expect an income tax raid at your place.
How will this work?
As per sources, virtual information will be collected and will be matched with the income. Yes, according to this new system i.e. “Project Insight”, the way you spend will be matched with income declarations. Even if there is a slight mismatch, you might have to face action from tax officials. The data that will be collected with this system will include Annual Information return data, TCS/ TDS statements, IT forms and IT returns. Income Tax Department has already signed a contract with L&T Infotech for implementing this project.
Reports further say,
“‘Project Insight’ which will complement the world’s largest biometric identity database has been built over a period of seven years at a cost of about 10 billion rupees ($156 million). This will be India’s most ambitious tax overhaul policy till date and the best time to introduce it could be right after the implementation of the GST.”
This system is already being used in countries like Canada, Belgium as well as Australia. Many cases of tax evasion have been successfully unearthed there and we hope the same for India.
Be very very careful while uploading pictures from now.
