Project Insight : All you need to Know

Project Insight is an initiative of finance ministry
The main aim of the project is to detect tax evaders with the help of technology
The project also aims to widen the tax base
Project Insight is likely to be implemented in this calendar year 2017 – 2018

Integration of tax data among banks, government departments and financial institutions
Tax department to set up a new processing centre that is centralized to monitor tax payments
The existing network of PAN based tax transactions is also used to monitor
The project will verify and collate information received from third party, financial institutions and banks
Insight integrates tax information received from all sources in an accurate and timely manner

Compliance management systems are being developed
Project Insight will handle all preliminary verification, follow up of information and bulk letter generation and notice generation pertaining to tax evasion
Insight will serve as the centre for tax data exchange for various government departments

Project Insight is yet another initiative to curb black money
It will aid in the implementation of GST
DTAA implementation will be made easy through Insight
All Tax based information from the recent Income Disclosure scheme are added
The large pool of information will be useful in data mining to track the tax evaders
The tax base will also widen gradually
Tax evaders will be caught in a digital manner rather than the usual method of search and seizing

Insight will help in resolution of tax issues in online manner
Voluntary compliance of tax evaders is possible in a digital manner
Tax payers can get the advantage of paying tax online reducing the hassles and time spent visiting the tax office physically
Insight will enhance tax collections from the corporate and industry sector
Insight will also benefit the individual tax payers
The tax base and tax payers will increase as a result of digital monitoring of payments
Foreign relations of India pertaining to tax matters will improve
Insight will be an upgraded technical infrastructure that will help in contribution of DTAA, FATCA and CRS
Overall, Insight is a digital means to make tax payments transparent and curb black money