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Big data processing catches the eye of income tax enforcement

Enter PostOn 8th Nov-16, when honourable Prime Minister of India Narendra Modi began his first ever televised address to the nation, there was 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

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 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