A Study on Application of Artificial Intelligence and Machine Learning in Indian Taxation System (original) (raw)

The Role of Intelligence and Research in Promoting Taxpayer Base and Behaviour

The International Journal of Social Sciences and Humanities Invention, 2020

Artificial Intelligence (AI) is an emerging field that should be encouraged because of the enormous benefits it has to offer. In the world today, Artificial Intelligence is being introduced in practically every aspect of society and taxation is not exempt. The benefits of applying Artificial Intelligence to taxation cannot be over emphasised. Its application will guarantee accuracy, reliability, and sustainable revenue generation to the extent of positively influencing taxpayer behaviour. For instance, issues such as multiple taxation and incomplete taxpayer data can easily be resolved by the application of Artificial Intelligence with the effect of an improvement in the confidence of the taxpayer. Unfortunately, the Nigerian tax structure is still grappling with the primitive measures set by the taxing authorities regardless of the enormous potential and advancements in the digital world. The object of this paper is to discuss the potentials of artificial intelligence in taxation a...

The Place of Artificial Intelligence in Accounting Field and the Future of Accounting Profession

The study evaluates the place of Artificial Intelligent in accounting field. The study reviewed conceptual and theoretical studies on AI and drawn conclusion. Library research was adopted in gathering information for the research. It was discovered that Artificial Intelligent improved firm operation. Though it cannot totally replace the place of accountant. However, it would reduce the demand of much accountant. it would have positive effect, and if harnessed correctly, AI and automation could significantly enhance how Accountants work as well as the services they provide to clients. It reduced safe time and reduce spending. This study recommends that Accountants should upgrade themselves. also, future Accountants should acquire knowledge in digital technology in accounting companies of any size should AI to eases their sales, marketing, accounting and customer service without spending much on labour. National University Commission and universities should include AI in University curriculum where students would learn both theories and practical aspect of AI.

Towards Developing IT-based Tax Fraud Detection Models

International Journal of Innovation, Creativity and Change, 2019

Tax fraud is considered a global phenomenon affecting both developed and developing countries. It impacts all sectors of a state and can take various forms and methods, which are either illegal or immoral. Statistics show that tax evasion and fraud in developed countries range from 5% to 25%, while in developing countries it ranges from 30% to 40%. In Malaysia, taxpayers have abused the Inland Revenue Board Malaysia (IRBM) and fraudulently obtained about RM 47 billion in the last two years alone; the government also lost about RM 1.4 billion after the failure of 20 companies to pay their taxes (Sabin, 2015). There are several methods and tools to detect and limit tax evasion activities, such as statistical models, logistic regression, and neural networks. Recent research on fraud detection has been much more varied in the methods studied, such as the detection of fraud using analytical techniques or data mining methods, with a particular focus on computer intelligence-based techniques. Another means of detecting tax evasion is cross-checking official sales and purchase accounts. The purpose of this study is to develop a tax fraud detection index as a mechanism to assist tax auditors in detecting fraudulent corporate reporting and preventing tax evasion. This study focuses on integrating the development of an index with the online tax reporting system to develop a convenient system for both taxpayers and tax auditors. Using semi-structured interviews with IRBM, external auditors, and academic experts, as well as opinions from taxpayers, we aim to discover potential information for disclosure. Content analysis of transparency in tax reporting using the Tax Fraud Detection Index (TFDi) has been adopted after gaining access to sample tax fraud case files.

Tax Officer 2030: The Exercise of Discretion and Artificial Intelligence

This article examines the principles underpinning effective decision making and the exercise of discretion in Australian taxation law in the context of the development of digital government and the increasing use of artificial intelligence. The article proposes a framework for the exercise of discretion by the Australian Taxation Office in decision making involving expert systems consistent with administrative law. The framework is of wider relevance to public sector delegated decisionmaking and it draws on relevant principles and case law. It identifies the capabilities the ATO requires to implement this framework and maintain public trust in the new systems.

The Impact of Artificial Intelligence Application on the Accounting Profession

2023

The rapid progress of Artificial Intelligence (AI) technology has resulted in substantial changes in a variety of industries, including accounting. This study investigates the influence of AI and Robotic Process Automation (RPA) on the accounting profession and its consequences for accountants. The research attempts to offer an overview of how AI is revolutionizing accounting procedures such as financial reporting, auditing, and management accounting. The project investigates the present situation of the accounting business and the issues it confronts in the digital age. It then digs into AI in accounting applications such as automated data input, intelligent financial evaluation, and automated forecasting. The benefits and challenges of AI adoption in accounting are examined, including enhanced efficiency, improved accuracy, and potential ethical issues. The study addresses how AI-based systems might supplement human skills, allowing accountants to focus on higher-value jobs like strategic decision-making and consulting services. However, it recognizes the worries about job displacement and the necessity for accountants to learn new technological skills in order to adapt to a changing landscape. The study concludes with research recommendations, emphasizing the importance of investigating the ethical consequences of AI in accounting, developing guidelines and standards for AI implementation, and evaluating its long-term effect on the accounting industry. Accounting professionals may successfully navigate the shifting market landscape and harness the benefits of AI technology in their work by grasping the potential of AI in accounting.

Towards understanding of artificial intelligence in accounting profession

2021

Accountants have embraced the emission of automation over many years to get better the efficiency and effectiveness of their work. But technology has not been able to replace the need for expert knowledge and decision-making. Earlier generations of ‘intelligent systems have usually demonstrated the progressing power of human expertise and the restrictions of machines. In the upcoming decades, intelligent systems must take over more and better decision-making tasks from humans. While accountant has been using technology for a lot of years to improve what they do and deliver more value to businesses, this is an opportunity to reimagine and radically improve the quality of business and investment decisions which is the ultimate purpose of the profession. Accountants, as expert decision-makers, use both ways of thinking they apply their knowledge to specific situations to make reasoned decisions, although also make quick intuitive decisions based on extensive experience in their field. ...