People have asked me, “Will artificial intelligence replace accountants, company secretaries, and lawyers?” The answer is simple: no. Artificial intelligence cannot replace humans, but it will definitely replace those who do not know how to use it.
In today’s world, we must embrace technology, and artificial intelligence is a part of that. However, it is important to use it wisely and with knowledge. Copy-pasting from AI-generated content without verification is wrong. As a chartered accountant or lawyer, your expertise is essential in ensuring the accuracy and validity of the information provided by AI.
Artificial intelligence can be a valuable tool in assisting with tasks such as writing submissions for income tax authorities. It can save time and provide supplementary information. However, it should not be seen as a shortcut to avoid putting in the effort to understand the provisions of the law.
To demonstrate the importance of knowledge and expertise, let’s consider an example. Suppose a client has incurred expenses on glow signboards for their business. The question arises whether these expenses should be treated as revenue or capital in nature. As a chartered accountant, you would draft a submission to the assessment unit, appealing against the assessing officer’s disallowance of the expenditure. You would cite relevant judicial judgments and explain how the glow signboards are directly related to the business promotion and marketing efforts.
Similarly, in the case of a donation made to a political party, it is crucial to provide a well-reasoned submission to address any allegations of false or fake donations. You would emphasize the principles of natural justice and the need for substantiated evidence to support the authenticity of the donation.
Artificial intelligence tools like chatGPT can assist in generating drafts of submissions. However, it is important to remember that these tools are not a replacement for your expertise. They can help accentuate your reply and provide suggestions, but the final decision and responsibility lie with you.
In conclusion, artificial intelligence has its place in the fields of accounting and law. It can be a valuable tool when used correctly and in conjunction with human knowledge and expertise. Embracing technology and leveraging AI can enhance efficiency and accuracy in various tasks. However, it is essential to understand the limitations and ensure that the final output aligns with legal requirements and principles.
Please note that the generated content should be reviewed and customized according to the specific case and legal context. The examples provided are for illustrative purposes only and should not be considered as legal advice.
