Tax officials are tightening up their ropes with improved Big Data analytics to crack a whip on hoarders of black money.
- Under the bill for amending Section 115BBE of the Income Tax Act, transactions with unexplained deposits in banks will be taxed.
- As per this amendment, tax officials can now tax people on such deposits at a rate of 60 percent (cess additional) as opposed to the previously determined 30 percent.
- This new tax law is applicable from the 1st of April, starting this year!
Cracking a Whip on Black Money Hoarders With Data Anaytics
How are the Income Tax officials leveraging Big Data Analytics to curb black money?
Here are the simple signals that showcase a rise of Big data analytics use and a more planned crack down on Black Money hoarding:
- The IT department is now increasingly becoming tech savvy, it is now making use of analytics tools to assess the personal bank deposits for an improved black money crack down action plan.
- The income tax officials are making use of Big Data analytics tools for the first time ever done in the history of the Indian economy, to further maintain a hawk’s eye affixed on the target of bringing down black money.
- This is a new venture and earlier such advanced tools were only employed on corporate tax assessments.