A Tax Bot

Posted on March 13, 2021 By info-iboss In Automation & Artificial Intelligence Case Study, Case Studies
Problem

Time-consuming, routine and monotonous manual Tax computations and queries

  • The client’s finance department was getting a large number of queries due to the recent changes in Union budget for FY 2020-21 wherein the taxpayers had to choose between the existing/old tax regime (which allows availing existing income tax exemptions and deductions) and a new tax regime with slashed income tax rates and new income tax slabs but no tax exemption and deductions.
  • The finance department had to perform manual computations for every employee which was highly time-consuming and then advise them on which scheme would be best for them.
  • Added to it were regular queries on deductions, eligibility which was taking a toll on regular work and leading to additional cost for resources.
Solution
  1. iBoss created a customized and personalized chatbot called the ‘Tax Bot’ for the client which was hosted on the client’s server to enable employees to get the help of AI-based chatbot for choosing the suitable tax regime and clarify their doubts.
  2. It was simple, any employee as at time could interact with Tax Bot and get the comparative Tax Computation in the following steps:
    • Provide income & probable deduction details to Tax Bot
    • Provide an email id
    • Tax Bot inform you possible income tax under both the regimes
    • Email the Comparative Income Tax Computation along with personalized suggestions in a user-friendly tabular and graphical presentation
  3. Additionally,after confirmation from the employee, the Comparative Income Tax Computation was shared with the finance department over email.
  4. Tax Bot was capable of handling unstructured queries related to Income Tax
  5. Tax Bot collected valuable feedback from employee
Achievements
  • The chatbot saved the time of the finance department along with providing expert advice.
  • The average time taken by an employee to chat and get final computation over email was as less than 2 minutes which as compared to be done manually would take at least 40 mins per employee
  • Further,now all employees’ queries & computations could be handled simultaneously by only ONE bot.
  • No human error was there in the computation
  • Zero manual effort from the finance department
  • Earlier it was difficult to collect the income and deduction declaration forms from employees and this year it hardly took any time.
  • The employees’ feedback collected to enable us to mature the Tax Bot