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.
- 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.
- 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
- Additionally,after confirmation from the employee, the Comparative Income Tax Computation was shared with the finance department over email.
- Tax Bot was capable of handling unstructured queries related to Income Tax
- Tax Bot collected valuable feedback from employee
- 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