Software Development Exam > Software Development Notes > Big Data & Analysis Tutorial: Introduction > Big data Application – Income Tax Department to Scrutinise Bank Accounts
Big data Application – Income Tax Department to Scrutinise Bank Accounts | Big Data & Analysis Tutorial: Introduction - Software Development PDF Download
On 8th Nov-16, when honorable Prime Minister of India Narendra Modi began his first ever televised address to the nation, there was a great curiosity among the people to know what it was all about. But suddenly there was a shock to the nation when PM announced that from the same day the Rs.500 and Rs.1000 currency notes would be discontinued to track black marketers and the black money they carry. He also announced that anyone having money in these denominations can get them exchanged or deposit them in their accounts with some limitations that were also declared. This is one of the latest Big data application in Banking sector.
Now the question arises – How is the government or IT department going to track the black money that has been deposited and how will they segregate black money holders from genuine tax payers? With more than 1.25 Billion populations and 100s of millions of bank accounts, it is a big question that how IT department will find out discrepancies? Similar to Software industry Income Tax department is also going to use latest and hottest technology BIG DATA.
It is practically impossible for IT officials to manually compare tax/account data with the data that it is collecting from banks. Big Data Analytics is being used to look into the inconsistencies which will then be thoroughly inspected by tax officials. This is the first time that our government will use Big Data analytics on such a large scale to sieve through personal taxes.
The Big Data tools won’t be just used to collect details about the money being deposited by individual but it will also be used to gather information like tax paid by the individual in past years (could be decade), corporate tax that his company has paid, number of employees he has in his company and if they have also deposited any money recently and other tax related data. If discrepancies are observed, these Big Data tools will raise red flags/alerts. This would help tax officials to finally come to conclusion regarding his genuineness or be a black marketer and then they could issue notices to individuals based on this after December 31.
As Big Data can handle huge volumes of data in the range of PBs or 100s of trillions of records, it will help IT professionals to scrutinize the Transactions / Account details / Tax information efficiently and quickly. Learn more uses of Big data in the Banking sector.
Let us hope the government gets success in their mission to find out black money holders and BIG DATA will do a miracle in “MODIfying the nation”.
The document Big data Application – Income Tax Department to Scrutinise Bank Accounts | Big Data & Analysis Tutorial: Introduction - Software Development is a part of the Software Development Course Big Data & Analysis Tutorial: Introduction.
All you need of Software Development at this link: Software Development
FAQs on Big data Application – Income Tax Department to Scrutinise Bank Accounts - Big Data & Analysis Tutorial: Introduction - Software Development
| 1. How is big data being used by the Income Tax Department to scrutinize bank accounts? |  |
Ans. The Income Tax Department is utilizing big data to analyze large volumes of banking transactions and identify potential tax evasion or undisclosed income. This helps them to effectively scrutinize bank accounts and identify any discrepancies or suspicious activities.
| 2. What is the role of IT & Software in the application of big data by the Income Tax Department? | |
Ans. IT & Software play a vital role in the application of big data by the Income Tax Department. They enable the department to collect, store, process, and analyze huge amounts of data from various sources. This technology helps in efficiently managing and scrutinizing bank accounts for tax-related purposes.
| 3. How does the use of big data assist the Income Tax Department in identifying tax evasion? | |
Ans. The use of big data allows the Income Tax Department to analyze vast amounts of financial data, such as bank transactions, investments, and income sources. By applying advanced analytics and algorithms, they can identify patterns, anomalies, and discrepancies that may indicate tax evasion. This helps the department in targeting specific accounts for further scrutiny and investigation.
| 4. What are the benefits of using big data for the Income Tax Department in scrutinizing bank accounts? | |
Ans. The use of big data offers several benefits to the Income Tax Department in scrutinizing bank accounts. It allows for more efficient and accurate identification of potential tax evasion cases. It also helps in reducing manual efforts and time required for analysis. Additionally, big data enables the department to uncover hidden income and undisclosed assets, leading to increased tax compliance and revenue generation.
| 5. How does big data analysis by the Income Tax Department help in improving tax administration and compliance? | |
Ans. Big data analysis by the Income Tax Department helps in improving tax administration and compliance by providing insights into taxpayers' financial activities. It allows the department to identify non-compliant individuals or entities, detect tax fraud, and take necessary actions. This leads to a fairer tax system, increased transparency, and enhanced overall tax compliance.
Related Exams
About this Document
|
4.82/5 Rating |
|
Nov 22, 2024 Last updated |
Document Description: Big data Application – Income Tax Department to Scrutinise Bank Accounts for Software Development 2024 is part of Big Data & Analysis Tutorial: Introduction preparation.
The notes and questions for Big data Application – Income Tax Department to Scrutinise Bank Accounts have been prepared according to the Software Development exam syllabus. Information about Big data Application – Income Tax Department to Scrutinise Bank Accounts covers topics
like and Big data Application – Income Tax Department to Scrutinise Bank Accounts Example, for Software Development 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Big data Application – Income Tax Department to Scrutinise Bank Accounts.
Introduction of Big data Application – Income Tax Department to Scrutinise Bank Accounts in English is available as part of our Big Data & Analysis Tutorial: Introduction
for Software Development & Big data Application – Income Tax Department to Scrutinise Bank Accounts in Hindi for Big Data & Analysis Tutorial: Introduction course.
Download more important topics related with notes, lectures and mock test series for Software Development
Exam by signing up for free. Software Development: Big data Application – Income Tax Department to Scrutinise Bank Accounts | Big Data & Analysis Tutorial: Introduction - Software Development
Description
Full syllabus notes, lecture & questions for Big data Application – Income Tax Department to Scrutinise Bank Accounts | Big Data & Analysis Tutorial: Introduction - Software Development - Software Development | Plus excerises question with solution to help you revise complete syllabus for Big Data & Analysis Tutorial: Introduction | Best notes, free PDF download
Information about Big data Application – Income Tax Department to Scrutinise Bank Accounts
In this doc you can find the meaning of Big data Application – Income Tax Department to Scrutinise Bank Accounts defined & explained in the simplest way possible. Besides explaining types of
Big data Application – Income Tax Department to Scrutinise Bank Accounts theory, EduRev gives you an ample number of questions to practice Big data Application – Income Tax Department to Scrutinise Bank Accounts tests, examples and also practice Software Development
tests
|
Explore Courses for Software Development exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Objective type Questions
,ppt
,Previous Year Questions with Solutions
,Summary
,Free
,Viva Questions
,Big data Application – Income Tax Department to Scrutinise Bank Accounts | Big Data & Analysis Tutorial: Introduction - Software Development
,Exam
,study material
,practice quizzes
,Big data Application – Income Tax Department to Scrutinise Bank Accounts | Big Data & Analysis Tutorial: Introduction - Software Development
,Important questions
,Extra Questions
,Sample Paper
,Big data Application – Income Tax Department to Scrutinise Bank Accounts | Big Data & Analysis Tutorial: Introduction - Software Development
,MCQs
,video lectures
,shortcuts and tricks
,past year papers
,mock tests for examination
,Semester Notes
;
Additional Information about Big data Application – Income Tax Department to Scrutinise Bank Accounts for Software Development Preparation
Big data Application – Income Tax Department to Scrutinise Bank Accounts Free PDF Download
The Big data Application – Income Tax Department to Scrutinise Bank Accounts is an invaluable resource that delves deep into the core of the Software Development exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Big data Application – Income Tax Department to Scrutinise Bank Accounts now and kickstart your journey towards success in the Software Development exam.
Importance of Big data Application – Income Tax Department to Scrutinise Bank Accounts
The importance of Big data Application – Income Tax Department to Scrutinise Bank Accounts cannot be overstated, especially for Software Development aspirants.
This document holds the key to success in the Software Development exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Big data Application – Income Tax Department to Scrutinise Bank Accounts Notes
Big data Application – Income Tax Department to Scrutinise Bank Accounts Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Big data Application – Income Tax Department to Scrutinise Bank Accounts.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Big data Application – Income Tax Department to Scrutinise Bank Accounts Notes on EduRev are your ultimate resource for success.
Big data Application – Income Tax Department to Scrutinise Bank Accounts Software Development Questions
The "Big data Application – Income Tax Department to Scrutinise Bank Accounts Software Development Questions" guide is a valuable resource for all aspiring students preparing for the
Software Development exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Big data Application – Income Tax Department to Scrutinise Bank Accounts on the App
Students of Software Development can study Big data Application – Income Tax Department to Scrutinise Bank Accounts alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Big data Application – Income Tax Department to Scrutinise Bank Accounts,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Big data Application – Income Tax Department to Scrutinise Bank Accounts is prepared as per the latest Software Development syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup