In a recent motion, the Union and Finance Ministry announced that Artificial Intelligence/Machine Learning will be used to do tax assessment from the year 2019. India is going to be first country who can do such public assessment thing in the world.
The Ministry of Finance, Department of Economic Affairs has started to tackle different Fin-tech related issues like tax frauds etc sometimes back. Recently they have submitted a report to the Finance Minister Mrs.Nirmala Sitharaman.
In recent time, the private banking, finance sector tries to adopt different very upcoming technologies. The technologies are like BlockChain, Data Science to implement automated loan approval, tax assessment etc. The PSU banks also collaborating with Department of Financial Services to protect different financial frauds and decrease security risks. They also see a major requirement of implementing financial automation using Emerging technologies like AI, Machine Learning, for making ease the back end analytical processes.
The main purpose of this new technologies incorporation can help the reduce the interaction with tax payers and tax officials. In this way the whole assessment process shall be govern by Faceless model without any human intervention. The main mechanism will be based on two way authentication process and verification with that.