The tax department will begin gathering virtual information to trace black money with ‘Project Insight’, likely to be launched next month. It will use big data analytics to match data from social media sites to deduce disparities between spending pattern and income declaration. The taxmen will analyze mismatches to trace[Read More…]
Tag: tax department
Party accounts can be scrutinised by tax department: Finance Ministry
The Finance Ministry on Saturday clarified that there are provisions in the Income Tax Act to scrutinise the accounts of political parties. Referring to news reports that income tax returns of political parties registered with Election Commission cannot be scrutinised with regard to deposit of demonetised currency notes, the ministry,[Read More…]