In order to find unaccounted black money, a new software has been introduced in the income tax department, 'e Veribi cation', which will do the budgeting.
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| Black money recover |
How can Government control black money
The Income Tax Department, which functions under the Union Finance Ministry, is involved in tax collection using various types of digital technology. Adopt new online registration system to regularize taxpayers and ensure fairness in accounts is in effect.
Income Tax department has launched a new software called "Project Insight" to recover black money. The software was launched in March 2023 and is designed to help the department identify and track down black money transactions. The software uses data from a variety of sources, including banks, financial institutions, and government agencies, to identify suspicious activity.
Project Insight has already yielded some results. In the first few months of its launch, the software helped the department identify over Rs. 10,000 crore in black money transactions. The department has also used the software to track down and seize assets belonging to black money holders.
The launch of Project Insight is a significant step forward in the government's fight against black money. The software will help the department to identify and recover black money more effectively, which will boost the government's tax revenue and help to create a more equitable society.
Here are some of the key features of Project Insight:
It is a data-driven software that uses data from a variety of sources to identify suspicious activity.
It is a real-time software that can track transactions in real time and generate alerts when suspicious activity is detected.
It is a user-friendly software that can be used by tax officials of all levels of experience.
It is a scalable software that can be expanded to handle a large volume of data and transactions.
Accordingly, all types of accounts filed for the year 2022-23 are being verified through the online method of e-taxation.
For this, the annual statement of individual banking transactions is compared with the annual budget statement filed by banks and financial institutions. If false information is found to have been entered, additional information will be sought from both parties.
If the explanation is satisfactory, it will be accepted by the Income Tax Department. If the account is hidden, on them. A criminal investigation is also to be decided. For this purpose, the Intelligence and Crime Investigation Unit has been formed, the Income Tax Department officials said.
The launch of Project Insight is a welcome development and is expected to help the government in its fight against black money.