The tax assessment process of India is getting a makeover, and now will be operated by artificial intelligence and machine learning.
This development certainly tends to make things easier and can assist India take a step forward towards digitization. It looks like Digital India is not a distant fantasy!
Also, this can make India one of the first nations in the world to use technology on an even bigger scope in public tax evaluation. India will quickly become tech-savvy where income tax evaluation is concerned. Besides, this is implemented shortly, coming from October 2019 itself! announced the Finance Minister, Nirmala Sitharaman.
Financial Minister, Nirmala Sitharaman has promised that AI/ML will probably be utilized in the processes of income tax evaluation of the general public of India. The system is certain to hit the floors soon, on October 8, 2019.
Adopting such advanced technology is going to guarantee that there’ll be complete transparency and make sure preciseness in the whole system of tax evaluation.
“The entire goal of the faceless assessment is depending on the premise that tax officers are corrupt and harass taxpayers. This’s not just a biased notion but it also undermines the real work of the tax department,” said a Senior Official.
The system is going faceless, consequently, there is going to be no corrupt officers along with all will be on the record. For example, in case you mention that your TDS is deducted of Rs 10 lakh, though you don’t present equivalent earnings in ITR, the device will begin probing into the finances of yours.
e-Verification will be taken out, wherein you’ll be delivered a set of inquiries to fill up out and send back. In case you respond to the questions satisfactorily, effectively and excellent. When the answers aren’t positive, the AI will send out the case of yours to the officer for checking out it more. This, however, will be accomplished without the AI and ML. For this, data will be incorporated using the MCA, Central Board of Direct Taxes (CBDT) and GS, which will take about a year.