India's income tax department has revealed it has used artificial intelligence technology to identify people with potential tax liabilities.
Known as the Non-filers Monitoring System, the software searches for targets using information that people have previously provided to the Central Board of Direct Taxes (CBDT).
The CBDT told the Financial Express: “Analysis was carried-out to identify non-filers about whom specific information was available in the database of the I-T department. The sources of information include statements of financial transactions, tax deduction at source, tax collection at source, information about foreign remittances, exports and imports data etc."
Meanwhile, Zee News reported that the finance minister is considering whether to double the income tax exemption threshold for salary-earners from the present Rs2.5 lakh (US$4,000) to Rs5 lakh (US$8,000).
Income up to Rs2.5 lakh (US$4,000) is currently exempt from personal income tax, while earnings of between Rs2.5 lakh (US$4,000) and Rs5 lakh (US$8,000) attract a tax of 5%. Salaries of between Rs5 lakh (US$8,000) and Rs10 lakh (US$1,600) are subject to a 20% tax, and above that threshold, the tax rate is 30%.
The Indian government is also considering whether to make maternity pay tax-free. The announcement could be made at the interim Budget 2019, according to Latestly.
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC
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India's income tax department has revealed it has used artificial intelligence technology to identify people with potential tax liabilities.
Known as the Non-filers Monitoring System, the software searches for targets using information that people have previously provided to the Central Board of Direct Taxes (CBDT).
The CBDT told the Financial Express: “Analysis was carried-out to identify non-filers about whom specific information was available in the database of the I-T department. The sources of information include statements of financial transactions, tax deduction at source, tax collection at source, information about foreign remittances, exports and imports data etc."
Meanwhile, Zee News reported that the finance minister is considering whether to double the income tax exemption threshold for salary-earners from the present Rs2.5 lakh (US$4,000) to Rs5 lakh (US$8,000).
Income up to Rs2.5 lakh (US$4,000) is currently exempt from personal income tax, while earnings of between Rs2.5 lakh (US$4,000) and Rs5 lakh (US$8,000) attract a tax of 5%. Salaries of between Rs5 lakh (US$8,000) and Rs10 lakh (US$1,600) are subject to a 20% tax, and above that threshold, the tax rate is 30%.
The Indian government is also considering whether to make maternity pay tax-free. The announcement could be made at the interim Budget 2019, according to Latestly.
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC
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AI for SMEs: The world according to CezanneHR
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