This course is designed to provide tax professionals and enthusiasts with practical insights into handling faceless assessments of income tax using AI tools like ChatGPT. Participants will learn how to leverage AI to streamline the tax assessment process, enhance accuracy, and navigate the complexities of the faceless assessment system effectively.
Duration: 2 Hours
Fee: ₹899/ + GST
Date: 1st September 2024
Time: 7 PM to 9 PM
Speaker: CA Manoj Lamba
Registration link : https://shop.taxguru.in/product/live-course-handling-faceless-assessment-of-income-tax-using-ai-tools-like-chatgpt/
Course Outline:
1. Introduction to Faceless Assessment in Income Tax (15 minutes)
The session begins with an overview of faceless assessment, defining its purpose and key features. Participants will gain an understanding of the system’s objectives and how it aims to enhance transparency and accountability in tax assessments. The discussion will also cover the benefits and challenges associated with faceless assessments, including common issues faced by taxpayers and tax professionals. Additionally, the legal framework governing faceless assessments will be explored, including relevant sections of the Income Tax Act and key notifications and circulars issued by the Income Tax Department.
2. Role of AI in Faceless Assessment (15 minutes)
This segment introduces the role of Artificial Intelligence in taxation, highlighting its significance and the current AI tools utilized in the tax domain. A special focus will be placed on ChatGPT, exploring its capabilities and functionalities. Participants will learn how ChatGPT can be applied in tax assessments to improve efficiency and accuracy.
3. Practical Use of ChatGPT in Faceless Assessment (30 minutes)
The practical application of ChatGPT in faceless assessments will be thoroughly examined. This includes a step-by-step guide on using ChatGPT to draft responses to tax notices, with important considerations for compliance. The session will also cover how to utilize ChatGPT for analyzing tax queries, including tax interpretation and advisory services, and the importance of cross-referencing AI-generated content with existing tax laws. Additionally, participants will learn how to automate the generation of supporting documentation using ChatGPT and ensure that the documentation produced is legally compliant.
4. Case Studies and Examples (30 minutes)
Participants will engage in detailed case studies and examples to see ChatGPT in action. Case Study 1 will involve responding to a faceless assessment notice, demonstrating the use of ChatGPT for crafting responses. Case Study 2 will focus on preparing a summary of tax positions, showcasing how AI can effectively summarize complex tax issues. An example of drafting objections and appeals will also be provided, illustrating how ChatGPT can assist in preparing these documents.
5. Ethical Considerations and Limitations (15 minutes)
The session will address ethical considerations related to the use of AI in taxation. Topics include privacy concerns, data protection, and ensuring the accuracy of AI-generated content to avoid misinformation. Participants will also learn about the limitations of ChatGPT in tax matters, understanding the boundaries of AI tools and the importance of professional judgment and human oversight in AI-assisted tax processes.
6. Q&A and Discussion (15 minutes)
The course will conclude with an open Q&A session, allowing participants to ask questions, clarify doubts, and discuss practical challenges and solutions. Participants will also be provided with additional resources and tools for continued learning beyond the course.
About the Speaker:
CA Manoj Lamba is a practicing Chartered Accountant with 25 years of expertise in auditing, income tax, and company law. He is the Co-Founder of Bizz Gyaan Private Limited and a registered Mentor on the Startup India Government Portal. A passionate trainer, he has mentored over 10,000 students.
Author Bio
