Artificial intelligence(AI) and machine learning(ML) is going to disrupt our country. As we know, AI and ML complement to human intelligence and actually enhance the work better than a person’s intelligence. Now for tax assessment, India will use AI and ML. This way, they become the first nation to do so.
This year will create Indian history brighter. In October 2019, India will use the latest branding technical fields i.e. Artificial intelligence and machine learning to process the tax assessment. Moreover, the news coming to highlights mentions the keen dedication of Indian government in the completion of the implementation of this process.
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How will be the new Tax Assessment system of INDIA?
Nirmala Sitharaman, the Finance Minister of India has made a promise to the public for the commencing of the tax assessment system based on artificial intelligence and machine learning. After the implementation, India will be the first country to update its system in such a techie way. NITI Aayog will partner with leading AI and ML techies and implement this tax project.
The news was reported through the meeting of tax agents, tax officers and MCA (Ministry of Corporate Affairs) held on last Saturday. Moreover, Ajay Bhushan Panday conducted this meeting. 8 October 2019 is the date to implement this system by the Indian government.
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Till now, the income tax officer used to inquire by asking for documents. But now if the system will find any income with no declaration then it will lead for deep inquiry of the person. For example, suppose someone has a TDS deduction of 1 lakh and that is not declared in ITR then the AI and ML based system will proceed for inner scrutiny of the person. It will scrutinize a person based on the e-verification and through system designed questionnaire.
Consequently, the government will integrate all information regarding tax from CBDT, MCA, and GS after the declaration of this information to the public. The government is most likely to announce this in next year’s budget. However, the government will replace human beings with computers. This integration of data may take time as the system is completely distinguished.