L&T Infotech bags ‘$100 million contract’ to help pin down tax evaders


MUMBAI: The ambitious initiative to use social media analytics to identify tax non-compliance is a “$100-million project” for the infotech arm of engineering giant Larsen & Toubro+ , according to a company official.

Since the note ban last November, the government has been putting in lots of efforts to plug the loopholes in the taxation system using advanced technology and the attempt got an added focus since the Reserve Bank of India in June admitted that as much as 99 per cent of the banned notes had returned to the system, negating the stated intent of cancelling 87 per cent of the notes in circulation.

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Credit: timesofindia.indiatimes.com