TaxbotGPT: Can AI revolutionize tax assistance?

CA Himanshu Kumar and CA Praveen Sharma are the brains behind TaxbotGPT, a newly launched game-changing app in the tech world. In a nutshell, this venture has been started with a vision to leverage AI technology to provide accurate and instant responses to tax-related inquiries, disrupting traditional methods of tax consultation.

Unlike other platforms, TaxbotGPT ensures accuracy by using only government data, guaranteeing 100% reliability. With its user-friendly design and simplified language, even those unfamiliar with complex legal jargon can easily access and understand the information.

Taxbot GPT goes beyond simply providing answers, it empowers users to verify information themselves. By displaying relevant sections of the law alongside answers, users can confidently trust the accuracy of the information they receive. In this interaction with IBT,  founders assure that professionals and individuals can navigate the complexities of legal matters with ease, knowing they have a trustworthy source at their fingertips.

IBT: Can you please share the story behind the inception of TaxbotGPT and what inspired you to create this innovative tax assistance platform?

CA Himanshu Kumar: The inception of TaxbotGPT stemmed from our experience teaching GST and income tax to a large number of students. We faced challenges in providing timely and automated answers to the increasing number of student queries. This led us to explore solutions like WhatsApp FAQs, which were not sufficient. Eventually, we decided to develop their own system to cater to a larger audience, including students, companies, educational institutions, and even government organisations. The aim was to leverage AI technology to provide accurate and instant responses to tax-related inquiries, disrupting the traditional methods of tax consultation.

We recognised the potential of AI in addressing the growing demand for solutions in the professional world. We aimed to create a platform that could provide automated answers, eliminating the limitations faced by human experts in terms of knowledge retention and response time. By leveraging AI’s ability to process vast amounts of information quickly, TaxbotGPT aimed to offer accurate and structured responses to a wide range of tax-related questions, surpassing the capabilities of individual experts like Praveen Sharma in terms of depth and speed of information retrieval.

IBT: Give us an overview of your entire product offering, its value proposition, and key target audiences.

CA Himanshu Kumar: TaxbotGPT is an innovative tax assistance platform that offers a comprehensive solution for tax-related queries, including GST, income tax, and multi-laws. The platform’s primary target audience is everyone, from students to professionals and businesses, aiming to simplify taxation matters for the masses.

The value proposition lies in providing authentic, accurate, and structured answers to user queries, using AI language models to simplify complex tax laws. The platform also offers case law support, providing users with case laws in their favour or against, depending on their needs. It is designed to be interactive, displaying the relevant section of the law alongside the answer, allowing users to compare and verify the accuracy of the information provided.

TaxbotGPT’s key target audiences include students, professionals, businesses, educational institutions, and government organisations, with the platform’s API being customisable to meet specific needs. The platform is currently in the learning phase, with a goal of providing professional-level answers within 90 days, offering 60-70% accuracy in the meantime. The platform’s ultimate aim is to provide better answers than human experts in the field, leveraging the power of AI to process vast amounts of information quickly and accurately.

IBT: What are some of the key challenges faced by users that TaxbotGPT addresses, and how?

CA Himanshu Kumar: I am a chartered accountant, not a tech expert. We are facing challenges with our own platform, primarily due to our non-technical background. The platform’s content includes 2.5 lakh pages of information, including case laws and government data, which they are still facing technical difficulties in uploading. To address this, we have hired people and partnered with a premium institution in India to provide tech support next month. We aim to customise the product better and enhance deliverables. Despite the challenges, the platform is currently being used by around 100 people, allowing the team to upgrade the system and identify areas for improvement. The team plans to hire more professionals with expertise in AI and LLM to ensure the platform’s success.

IBT: What sets TaxbotGPT apart from conventional tax consultation services for individuals and businesses?

CA Himanshu Kumar: I believe that TaxbotGPT is different from traditional tax consultation services because we focus on enhancing and supporting the existing tax system rather than disrupting or replacing it. I emphasise the importance of providing smoothness and support to the system, aiming to empower professionals in the Indian context. My approach is centred on strengthening the capabilities of professionals and improving service delivery, rather than eliminating competition.

By offering a product that supports and benefits the consulting industry, I aim to contribute positively to the sector without directly competing with conventional services. This aligns with my understanding that tax policies affect individuals and businesses and that tax consultants play a crucial role in helping clients navigate complex tax laws and financial matters.

My focus on strategy, tax law expertise, and long-term tax goal optimisation sets TaxbotGPT apart from tax preparation services, which primarily focus on calculation and filing. I believe that by supporting and strengthening professionals, we can improve the overall quality and efficiency of tax consulting services in India, ultimately benefiting both consultants and their clients.

IBT: How do you view the growth of the fintech ecosystem in India, its future potential, and key drivers of growth?

CA Himanshu Kumar: I view the growth of the fintech ecosystem in India as a rapidly evolving and transformative force with significant potential for the future. The Indian government’s focus on AI and its integration into the fintech sector is particularly noteworthy. This focus on AI is expected to disrupt the market and significantly impact the fintech ecosystem within the next one to two years.

Use of AI can lead to a reduction in human intervention, making it a highly disruptive force. This potential in fintech has been recognized by universities and funding organizations, with many expressing interest in our product and its capabilities. The Indian government has also allocated substantial funds in the budget for development of AI in the fintech sector, further highlighting its potential.

The growth of the fintech ecosystem in India is a trillion-dollar game, with AI playing a crucial role in shaping its future.

IBT: What is your future vision for your business?

CA Himanshu Kumar: Our vision for the business is to be very aggressive and expand our offerings beyond income tax and GST solutions. We plan to introduce unique solutions that are not currently available in the market, covering a wide range of laws related to India in the professional domain. This includes criminal and civil law, and eventually all laws related to the taxation system. To achieve this, we are working on multi-language support, starting with Hindi and English, and expanding to all languages in the future. We are also working on providing all the laws related to taxation, with a goal of launching this feature within the next 90 to 120 days.

In addition to these features, we are working on reply side support, API customisation, and chatbot integration. We have our own chatbot, and are also working on providing technical support on the website, in order to create a multi-modal system that is accessible to everyone. Our ultimate goal is to become a leader in the taxation domain, setting the standard for how to access and utilise the system, and empowering people with better information. Our motto is reflected in the three words interpretation, integration, and innovation, which are the foundation of my vision.

We are also exploring opportunities to expand into other countries, starting with Dubai. We are in talks with a company there, and hope to launch our services in Dubai soon. Our vision is to become a global leader in the fintech sector, utilising AI technology to provide the best possible information and services to our customers. I believe that with the right team and the right approach, we can thrive in this growing sector and make a positive impact on the world.

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CA Himanshu Kumar, CEO & Founder of TaxbotGPT

 

 

 

CA Himanshu Kumar, a seasoned Chartered Accountant, boasts a wealth of experience in assisting international companies establish their presence in India. His expertise spans various financial reporting standards and he has a track record of guiding startups through successful fundraising endeavors.

 

 

CA Praveen Sharma, Co-founder of TaxbotGPT

 

 

 

CA Praveen Sharma, an experienced Chartered Accountant, specializes in Industry Taxation and Indirect Tax Laws. As a renowned faculty member at The Institute of Chartered Accountants of India, he conducts training programs on GST and mentors officers across states.