New Delhi, Oct. 28 -- The Income Tax Department has officially started using artificial intelligence (AI) for various purposes. Under Project Insight and the Income Tax Transaction Analysis Centre, AI and big-data tools analyse large datasets from banks, property registrars, stock exchanges and financial institutions to build a 360-degree taxpayer profile and identify possible tax evasion and hidden assets.

For data integration and analysis, information from the GST Network (GSTN), Securities and Exchange Board of India (Sebi), Ministry of Corporate Affairs (MCA), real estate regulatory authorities (RERA), transport authorities and the Financial Intelligence Unit-India (FIU-IND) is cross-referenced to detect mismatches between reported i...