The Central Board of Direct Taxes (CBDT) has notified Scheme for usage of Artificial Intelligence in ITR Evaluation named as the 'Faceless Inquiry or Valuation Scheme, 2022' in order to introduce the under section 142 of the Income Tax Act, 1961.
The scheme's scope has been defined into four points. It has been launched for:
(a) issuing notice under sub-section (1) of section 142 of the Act,
(b) making inquiry before assessment under sub-section (2) of section 142 of the Act,
(c) directing the assessee to get his accounts audited under sub-section (2A) of section 142 of the Act,
(d) estimating the value of any asset, property or investment by a Valuation Officer under section142A of the Act,
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