Tax evaders currently are the prime targets of the Modi government. And with the new ideas they’re coming up with, no one can escape the tax department.
I repeat. No one.
We’re all aware of how the social media is more of a “Show-off” platform rather than a “Social” platform. Sharing everything on social media has become a compulsion. A man would consider putting a picture of his newly bought expensive car rather than experiencing the joy at first place.
It was all fun and enjoyment until now, but very soon, things are going to get tougher with this new move the government has come up with.
Modi’s Smart Move: To target all social media platforms of users.
And for all those who carry the hate for our PM, buckle up bitches for he’s a genius and not even you or anybody in the country can deny to it.
From the coming month, your social media accounts won’t be spared. No matter how much you try hiding your wealth in order to escape taxes, your Facebook and Instagram profiles are going to be under Income Tax Department’s scanner.
You must be thinking, why the social media platforms? How will this thing work?
This move is for all those people who are under the impression that income can be analyzed only through bank accounts.
Modi government is now planning to get an idea of spending patterns through your profiles. For example, if you have purchased a new expensive gadget or a car and are paying less or no tax, then you are gone. You can surely expect an income tax raid at your place.
According to the reports, the virtual information of a person wil be collected and matched to the income.
Through this new system, i.e “Project Insight”, the way you carry out your expenditure will be matched to your income declarations. A slight mismatch here, and there you can expect a known on your door from the income tax officials.
The data that will be collected with this system will include Annual Information return data, TCS/ TDS statements, IT forms and IT returns. Income Tax Department has already signed a contract with L&T Infotech for implementing this project.
The reports further say that:
“‘Project Insight’ which will complement the world’s largest biometric identity database has been built over a period of seven years at a cost of about 10 billion rupees ($156 million). This will be India’s most ambitious tax overhaul policy till date and the best time to introduce it could be right after the implementation of the GST.”
This system has already been adapted in countries like Canada, Belgium as well as Australia. Many cases of tax evasion have been successfully carried out there.
Well, hoping the same results for India too.