Tax consciousness and correct taxes estimation are necessary facets of financial planning to individuals especially the employees who are on payroll who need to abide by the rules of government taxes. But, due to the complexity of tax slabs, deductions, exemption and changing tax policies continuously some individuals are unable to follow the tax rules and determine the amount payable as taxes. The conventional ways of finding taxes, in general, contain manual computations or reliance on tax professionals that can be time consuming, costly and are liable to errors by humans. In order to overcome these problems, this project is going to suggest an AI-Powered Application of the simplified tax awareness and salary-based tax calculation. With the assistance of this system, there is an intelligent platform in which the user can key in the salary information, deductions, and financial information and with the help of it, he/she is supplied with an estimate of tax liability subject to the relevant tax regulations. The app combines the power of artificial intelligence with the ability to explain everything clearly, and an offer on how to save more money on taxes and automatic calculations. The system receives user input at the backend and implement slab tax algorithms, that are displayed at the front end. The proposed system will make tax awareness and dependency on manual means less critical as it will simplify the calculation of tax and increase access to financial information. The application will further enhance financial literacy in people as it will show the tax elements in a well-organized and accessible way.
Sami et al. (Wed,) studied this question.
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