If you have photographed the photograph of your luxury car on Instagram, or have uploaded an expensive watch photo on Facebook, then the income tax authorities can knock on your door. 

The Income Tax Department has decided to trace the social networking sites to detect black money from next month. The Income Tax Department is going to launch 'Project Insight' next month. Under this, the Department will compile data on large scale data analysis and social sites so that the difference between a person's expense and declared income can be ascertained.

An official said that the tax department will analyze the difference in the income declaration and expenditure method for tax evasion and black money. In order to detect the income and property of a person, the Income Tax Department has also made it mandatory to link the PAN with the base. 

The tax department had last year signed an agreement with L & T Infotech for implementation of Project Insight. Its purpose is to gather information to improve compliance.

An official said, "Beta testing is going on right now. The integrated platform for Project Insight will be launched next month."

The Income Tax Department has initiated the project insight project to increase the tax scope. Under this, income tax department will collect data. It will help tax officials to detect high-value transactions and curb the flow of black money.

The official said that information technology based project will help in strengthening the information-based approach from Insight Project and improve tax compliance. 

This new technical framework will also be used for foreign account tax compliance laws (data) and general reporting standards (CRS). A new compliance management centralized processing center (CMCPC) will be set up under Project Insight.

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