India to get an artificial intelligence (AI) tool to fight tax evasion and identify bogus firms. The tool is researched and developed by US-based Indian researchers, Aprajit Mahajan and Shekhar Mittal.
It identifies bogus firms created by traders to evade tax. The tool will shortlist potential evaders based on the scrutiny of their tax filing records over a long period. Final action will then be taken based on subsequent groundwork.
Tax officials usually carry out surprise inspections and raids to track down defaulters and tax evaders. They identify bogus firms by filtration and physical inspections but these inspections are held occasionally due to limited resources. Denmark, Norway and France are among others that use AI and tech to curb tax frauds.
(Edited by : Jomy Jos Pullokaran)
First Published: Dec 3, 2019 4:27 PM IST