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Beware! You may get I-T notice if you flaunt your wealth on social media

Beware! You may get I-T notice if you flaunt your wealth on social media

Hyderabad: If you take pride in flaunting your wealth by posting pictures of your latest car or mobile or trip to some exotic foreign location on Facebook, Twitter or Instagram, then beware! This may lead India’s taxman to your door.

In order to identify tax evaders, Income tax department is planning to launch ‘Project Insight’ in the 2017-18 financial year, through which it will be keeping a close tab on people on social media platforms. As part of the ‘Operation Clean Money’ launched by the government of India against black money citizens’ shopping and entertainment expenditure will be taken into account.

L&T InfoTech will assist the I-T department for this long term project in which data mining will be done using inputs from various sources. Under the project, individual spending profiles will be created and inquiries will be more targeted. Several government departments like CBDT, intelligence bureau and others are working closely on the project.

PANs being quoted in financial transactions will also be tracked and the data with income tax filings will be tallied. Tax evaders will be ranked based on the amount of tax that could be recovered, so that the authorities could go after the big evader first.