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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.
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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.
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