Demonetisation - Private entities to analyse data vis-a-vis ITR, TDS
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With an estimated Rs 15 lakh crore in junked notes back in the banking system post demonetisation, the Income Tax department has started the process of engaging private entities to match the data with I-T return or other information of assessees.
The I-T department has already found that post demonetisation more than Rs 2 lakh was deposited in over 60 lakh bank accounts and the total amount deposited in these accounts is over Rs 7.34 lakh crore. “The I-T department intends to leverage technology and deploy data analytics for matching and analysis of demonetisation data with return/other information for effective segmentation, grouping and prioritisation,” it said.
Further, the department also plans to implement new business processes to ensure effective utilisation of demonetisation data and analytical outputs to achieve desired outcomes. The I-T department has already asked banks to share details of deposits between November 10-December 30, 2016. Also banks have to give to the I-T department figures of deposits in similar accounts for the period April 1-November 8, 2016, by January 31, 2017.
The Managed Service Provider (MSP) for Data Analytics would be required to match and analyse the demonetisation data with return/other information, the tax department said. The MSP for Business Process Management (BPM) would be to design and operationalise business processes and campaign for stakeholder engagement, improving response rates and response quality. “The underlying approach should have ease of use from taxpayer’s perspective,” the I-T department said.
The data analytics MSP would be required to design and operationalise analytical solution for collation of data received from banks, post offices and other sources for linking of information and identification of duplicate data. They would also be required to match and integrate the PAN based demonetisation data with information in Income Tax database such as I-T returns, TDS information, Third Party Reporting, tax payments, activity and response on the portal to build a comprehensive profile for the taxpayer. #casansaar (PTI - Financial Express)
The I-T department has already found that post demonetisation more than Rs 2 lakh was deposited in over 60 lakh bank accounts and the total amount deposited in these accounts is over Rs 7.34 lakh crore. “The I-T department intends to leverage technology and deploy data analytics for matching and analysis of demonetisation data with return/other information for effective segmentation, grouping and prioritisation,” it said.
Further, the department also plans to implement new business processes to ensure effective utilisation of demonetisation data and analytical outputs to achieve desired outcomes. The I-T department has already asked banks to share details of deposits between November 10-December 30, 2016. Also banks have to give to the I-T department figures of deposits in similar accounts for the period April 1-November 8, 2016, by January 31, 2017.
The Managed Service Provider (MSP) for Data Analytics would be required to match and analyse the demonetisation data with return/other information, the tax department said. The MSP for Business Process Management (BPM) would be to design and operationalise business processes and campaign for stakeholder engagement, improving response rates and response quality. “The underlying approach should have ease of use from taxpayer’s perspective,” the I-T department said.
The data analytics MSP would be required to design and operationalise analytical solution for collation of data received from banks, post offices and other sources for linking of information and identification of duplicate data. They would also be required to match and integrate the PAN based demonetisation data with information in Income Tax database such as I-T returns, TDS information, Third Party Reporting, tax payments, activity and response on the portal to build a comprehensive profile for the taxpayer. #casansaar (PTI - Financial Express)
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