Have you ever imagined your money being watched by the taxmen? Of course not right? But from now, think before uploading any post or sharing any status on your social media platform as the Income Tax Department is keeping an eye on your money through Big Data Software.
Confused! Don’t be, we are here to explain you every bits and pieces.
Here we are talking about tax tracking software that has been implemented from today that is 1st of April 2019.
The cost of this software is 1000crores, and it is worth the cost.
What is Big data software?
This software is designed to keep a close track on the expenses of the assesses depending on their tax paying behavior, which will, in turn, notify the concerned department, to begin with, the assessment. This software is also known as Tax Traffic Software.
Why is the government looking forward to using Big data software?
- It will give 100% tax scrutiny concerning the returns filed based on thousands of parameters.
- It will escalate number of people to pay taxes on time; especially the ones who are not filling the returns.
- To collect the right information and making use of time to cut down the tax evasion ratio in the country
- It will give precise details about one’s income and earning
- It will have all the vital information about the corporate and individuals
Is any country using tax tracking software?
India is not the first country to use this software as Belgium, Australia and Canada are already on the list.
From now, you should think twice of what you are sharing on your social media platforms. If you are planning to flaunt your big fat luxury car on Facebook etc., then you are likely to get knocked down by this Big data software.
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