CBDT’s new data mining tool to help check tax evasion
Advertisement
The Central Board of Direct Taxes (CBDT ) is coming with a new data mining tool known as the Income Tax Business Application from next year. The application would allow assessing all PAN-based information about a taxpayer at one click. The application would be able to access financial transaction profiles easily, according to an Economic Times report.
"The Income Tax Business Application, once ready, will vastly improve data mining andbusiness intelligence of the department and the taxman," CBDT chairperson Anita Kapur told reporters on Tuesday.
Kapur said: "It will be a robust database which will include all sorts of financial transactions data of an entity including human intelligence collected on a person or entity."
This new "smart and intelligent" database will help data mining and will include all financial transactions of individuals and entities and help check evasion.
The Tax department is looking to make the process of paying taxes simple and provide immediate redressal to tax payers for their problems, Kapur said.
She said the department is on a drive to widen the tax net. "If you do not take action against evaders, then the message going out is the tax department is allowing people who should be in the tax net to remain outside," she said.
The CBDT chairperson further said tax evasion is not only a menace, it also spoils the compliance culture because those who pay taxes feel the system is unfair.
"This (not catching the evader) will encourage a system where a person who is outside the tax system will continue to remain outside the tax system," Kapur said, adding that there was a large constituency that's not covered under thetax deduction at source (TDS) regime like small traders.
(Image: Indiatimes)
Advertisement
"The Income Tax Business Application, once ready, will vastly improve data mining and
Kapur said: "It will be a robust database which will include all sorts of financial transactions data of an entity including human intelligence collected on a person or entity."
This new "smart and intelligent" database will help data mining and will include all financial transactions of individuals and entities and help check evasion.
The Tax department is looking to make the process of paying taxes simple and provide immediate redressal to tax payers for their problems, Kapur said.
Advertisement
The CBDT chairperson further said tax evasion is not only a menace, it also spoils the compliance culture because those who pay taxes feel the system is unfair.
"This (not catching the evader) will encourage a system where a person who is outside the tax system will continue to remain outside the tax system," Kapur said, adding that there was a large constituency that's not covered under the
(Image: Indiatimes)
Advertisement
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- Maruti Suzuki Q4 net profit rises 47.8% to ₹3,877.8 crore
- 10 Incredible destinations for backpackers in India
- SC seeks EC's reply on PIL for fresh poll if NOTA gets majority in constituency
- Markets snap five-day rally, Sensex tumbles over 600 pts
- Southern India faces water crisis as reservoir levels plunge to just 17% capacity: CWC