Income Tax Department to launch Project Insight in May 2017

Income Tax Department to launch Project Insight in May 2017.The income-tax (I-T) department department has signed a contract with L&T Infotech Ltd to launch Project Insight in May 2017 from May 2017.The project will be rolled out in three phases. Aim of the Project :To effectively utilize the vast amount of information at its disposal more effectively to track tax evaders This project through

implementation of reporting compliance management system, will ensure that third party reporting by entities like banks and other financial institutions is timely and accurate.

iv. It will also set up a streamlined data exchange mechanism for other government departments.