Demonetization, a process of cancelling the legal tender of the notes, has brought suspicious transactions on the radar of Indian IRS. They are cross-referencing older data with that collected on cash deposits. Demonetization is a trigger for data analytics, which is establishing linkages between people, their income and investments.
Indian IRS is using advance tools for analysing structured and unstructured data. It is using analytics to establish relationship between different entities or individuals going up to 16 levels deep, based on different set of data such as addresses, phone calls, social media interactions, travel trends and tax filings.
Identifying the evaders would take them through a confounding maze of data such as phone records, credit card and details of Permanent Account Number, tax filings and even social media platforms.