• Notification Date: 25-08-2023
  • Notification No: N/A

New Platform to Identify the Reasons behind I-T Notices using AI

Receiving discrepancy notices from the income tax (I-T) department can often be a challenging and daunting experience due to errors, incorrect claims, and more in your tax return filings. Descrypt, a crypto taxation platform, has announced the launch of an exclusive service, Notice Mitra. This unique offering leverages a robust algorithm to scrutinise taxpayers’ data, providing insights into the potential causes behind a tax notice. By combining manual expertise with artificial intelligence (AI) automation, the platform aids in identifying areas of discrepancies that may have led to a notice from the I-T department. 

“The platform is designed to lighten the load for taxpayers by identifying potential triggers of ITD notices using an advanced AI toolkit. It also provides taxpayers the options to consult with expert chartered accountants through 1:1 session,” says Raghuram Trikutam, the CEO of Descrypt. This interaction equips taxpayers with valuable insights to address discrepancies in tax returns effectively. 

To avail of a 1:1 consultation with these expert chartered accountants, taxpayers are required to pay a fee of Rs 2500 + GST. Taxpayers are expected to share relevant documents before the session, ensuring efficient communication with experts and personalized guidance on resolving tax concerns effectively. 

Given the rising complexity of the financial sector, including international investments, real estate, and surging crypto transactions, ITD notices are becoming increasingly frequent and complex. In view of this, Notice Mitra helps taxpayers navigate through these complexities, identifying potential origins of notices and offering invaluable insights to them. 

Key features of Notice Mitra include a detailed analysis of the ITD notice and an exhaustive inspection of the submitted Income Tax Return (ITR). The platform goes a notch further by providing reconciliation assistance and a comprehensive overview of the process to address the notice effectively. 

1. Analysis of the notice: Notice Mitra’s expert team, along with partnered CAs, conduct a meticulous analysis of the received notice. This process ensures a clear understanding of the underlying issues and facilitates strategic responses. 

2. Comprehensive ITR Analysis: This step allows taxpayers to identify potential discrepancies and address them proactively. 

3. Reconciliation and process overview: This guidance ensures taxpayers are well-equipped to navigate the complexities of the I-T department’s requirements.  

In parallel, Descrypt plans to announce its collaborations with leading tax filing platforms, aiming to strengthen the crypto taxpayers’ compliance. Through these initiatives, Descrypt propels its mission of addressing intricate tax-related challenges, promoting a more transparent, accurate, and compliant tax environment.