tag line Transparent interactions to save people's income for building of National Development*****
Developed blockchain based system to monitor the flow of tax in India
website link can be found here https://www.sanketpatil.me/blockchain_incometax/
Motive and Objective of selecting the usecase of Income Tax
Blockchain has the power and scope to disrupt and strongly reorganize accounting and the way tax payments are processed. As the technology is still in its infancy, introducing Blockchain to the tax authorities would require a revolution in both governmental databases and network systems.
Blockchain could be innovative for the industry and will transform the finance function.
►Will change be driven or even mandated by governments?
►How quickly will businesses adopt?
►How will tax professionals fit in?
►Future roles may require financial, tax and technical experience.
►It is vital to understand how governments are using blockchain to collect tax due.
►Mistakes and fraud could be reduced greatly.
►Could the tax function be replaced by blockchain’s secure, certain and real-time ledger? ►Tax professionals and tax compliance administrators may need to become blockchaintechnologists.
►Tax knowledge still will be required to build, install and maintain systems.
Blockchain is an ideal technology which could disrupt the Indian Tax System by overcoming all the roadblocks previously mentioned. Our idea and obective of the project is to "Transparent and Immutable Taxing System so as to see corruption less India" Using Blockchain.The below salient features are included
(i) Tracking where and when tax has been paid, and in doing so reduce tax fraud .
(ii) Helping multinational companies provide a consistent data set for multiple tax authorities
(iii) Adds value within a business, between businesses & between businesses and governments
(iv) providing tax authorities and other regulators more confidence in the data supplied to them.
(v)providing more visibility to micro transactions such as those done by individuals as part of the sharing economy.
In addition, this system also features an user friendly interface which enables every citizen of the country to potentially know how his contributed tax has been put in use .
VALUE ADDED Bonus Incentive of the System is to Enhance Right to Information Act.
video submission link details can be found here https://www.youtube.com/watch?v=BCu8q9nusC8&feature=youtu.be