In the traditional approach to tax filing, multiple teams of tax specialists source relevant data, and undertake analysis and reconciliation for tax computation. This people-intensive process requires a significant investment of time and effort for rigorous analysis and high quality review before tax filing on an industrial scale.
Infosys blends automation, digitization, and process standardization to transform tax computation for professional services organizations. Our solution leverages automation to extract relevant taxation data from structured, semi-structured, and unstructured documents across multiple sources. Further, we use bots and smart workflows to ensure accurate application of tax rates for diverse financial transactions.
The Infosys Automated Text Extraction (ATE) solution for tax computation capitalizes on Tesseract, an open-source optical character recognition (OCR) engine. It defines elements of tax data relevant for extraction from source documents. This versatile engine uses pre-trained long short-term memory (LSTM) to extract text from images. Significantly, it standardizes the input format of taxation data and eliminates encoding issues.
Blockchain ensures accuracy in tax computation and traceability of taxation processes.
Automation approach blending natural language processing (NLP), machine learning and artificial intelligence (AI) minimizes human intervention and eliminates errors.
A data-first approach to taxation augments streamlining of processes to reconcile tax data.