Project Insight - Income Tax department

Q.  Which of the following is/are true regarding Project Insight?

1) It is stricter and has intrusive information driven approach.
2) This integrated platform would play a key role in widening of tax-base.
- Published on 21 Jul 16

a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2

ANSWER: Only 2
 
  • The Department initiated Project Insight to strengthen the non–intrusive information driven approach for improving tax compliance and effective utilization of information in tax administration.
  • The Income Tax Department has signed a contract with L & T Infotech Ltd for implementation of Project Insight.
  • This integrated platform would play a key role in widening of tax-base and data mining to track tax evaders.
  • The new technical infrastructure will also be leveraged for implementation of Foreign Account Tax Compliance Act Inter Governmental Agreement (FATCA IGA) and Common Reporting Standard (CRS).
  • A new Compliance Management Centralized Processing Centre (CMCPC) will also be setup as part of the Project for handling preliminary verification, campaign management, generation of bulk letters/notices and follow-up.

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