AHMEDABAD: The income-tax (I-T) department in the state has become part of
Project Insight
, a national initiative to connect various agencies and entities, to understand financial transactions carried out by individual entities across platforms and gather information about unaccounted purchases and deposits.
Senior I-T department officials said that under the initiative, the department would get details of an individual’s credit card transactions, shares and debenture sales and purchases, cash transactions, purchase of foreign currency, immovable property, deposits in banks, purchase of goods and
services
, so as to ascertain that there is no evasions and all applicable transactions are reflected in their I-T returns.
According to the website of the initiative, the project has put two new centres into operation - Income Tax Transaction Analysis Centre (INTRAC) and Compliance Management Centralized Processing Centre (CMCPC), which are using tools such as data analytics to prepare profiles of specific persons or entities.
“In today’s world, the person leaves a trail of transactions — be they cash or online — even with the utmost care. As evasion rise with non-reflection of major transactions, inter-agency coordination ensures that the person is questioned about suspicious transactions with proof,” a senior I-T official said.
Recently, the department collaborated with RERA authorities to search a major project involving three builders to ascertain compliance and get details of the transactions concerning various stakeholders. Officials said that this is one example of the inter-agency probes.
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