NIFTY 50

Government to get AI tool to fight tax evasion

Updated : December 03, 2019 04:27 PM IST

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.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV