Next time you buy a swanky car or go on a foreign holiday, be careful while you post it on the social media.
The government will sniff out tax evaders from information posted on Instagram and Facebook, as per a report in the Economic Times.
Government will begin “amassing a warehouse of virtual information collected not just from traditional sources like banks but also from social media sites, as it looks to match residents’ starting next month, the report said.
“Officials will be able to spot those who pay too little tax without raiding offices and homes as they currently do”.
Information can further be collected from Project Insight – a computerisation of all databases with extensive search and matching facilities. The taxman can collate estimate of expenditure and will match with income statements. It is expected to be operational from this financial year.
On the anti-evasion measures taken by the government, linking of taxpayer’s permanent account number (PAN) with biometric identifier Aadhaar is aimed at preventing tax evasion using multiple PANs.
Also, a watch is being kept on the nature of expenditure and if it is compliant with declared income of assessee.
Prime Minister Narendra Modi recently said that more than two crore people went on foreign trips last year but there are only 32 lakh people who have declared income above Rs 10 lakh. The PM wondered whether there can be only that much number of people with high income.
Warning of stringent action against black money hoarders, Modi had said 37,000 shell companies indulging in tax evasion have been detected and more than three lakh firms are under the scanner for suspicious dealings post demonetisation.
He emphasised it would become more difficult for people stashing illicit funds in Swiss banks once automatic tax information exchange regime begins between India and Switzerland.
Source : Zee News