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The note ban-related data will be used to enable the

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end-to-end e-verification to optimise its resources and reduce compliance cost for taxpayer, the department document said.

Moreover, the exercise will help the department leverage services of experts in data analytics and business process management for effective utilisation of data. Besides, the department wants to promote voluntary filing under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) using targeted campaign, it said.

Finally, the department wants to create deterrence for high risk persons/groups not availing PMGKY. It will also help smooth implementation of online verification mechanism.

Cash transaction data will be compared with information in ITD databases to identify target segment where cash transaction does not appear to be in line with the taxpayer profile, the document said.

The information in respect of target segment will be pushed to the online portal seeking explanation of source of funds. Thus, taxpayer will be able to submit online explanation without any need to visit I-T office.

In some cases, the target segment will be selected for verification based on approved risk criteria. If the case is selected for verification, request for additional information and its response will also be communicated digitally.

The 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.

In addition, the department plans to implement new business processes to ensure effective use of note ban data and analytical outputs to achieve desired outcomes.

(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)

Source: dnaindia.com