Publication Type: Edited Book
EFFICIENT TAXATION AND SECURE TRANSACTION ON BLOCKCHAIN
Book Name: Futuristic Trends in Artificial Intelligence Volume 2 Book 17
Authors: Rakshan C K, Nandini S, Sakshi Sheregar, Manjunatha R
Keywords: SECURE TRANSACTION ON BLOCKCHAIN
Area/Stream:ARTIFICIAL INTELLIGENCE / Robotics / Machine Learning
Published in: IIP Series
Volume:2, Month:December,Year:2023
Page No.125-136
e-ISBN:978-93-5747-631-7
DOI/Link:https://www.doi.org/10.58532/V2BS17P6CH1
Abstract:
The rise of the sharing economy, digital commerce, and innovative company models has forced many individuals to reconsider their tax policies. Tax compliance is critical to an economy's success, yet most countries face a highly complicated tax environment as a result of a diverse set of stakeholders and years of policy evolution. This concept of tax is fairly easy to understand but the application of tax systems and the race public have to pay can get extremely complicated. So some accountants have dedicated their lives to helping others calculate their tax. As failure to pay the correct amount of tax is met with harsh penalties. One of the most important phases of the taxsystem is the verification process which ensures that the tax payers are paying their proper share. It is through the taxes we pay that the government can perform civil operations. In other words, without taxes, it would be impossible for the government to run the country. Income tax is one of the biggest sources of income for the Indian government. While paying tax, people are not sure whether their data that they are providing is safe or not. Some anonymous third person can hack the details of the tax payer. In order to avoid all these intermediaries, introduction of Blockchain technology in tax system is necessary. In this paper, we analysed the challenges that are impacting the current tax paying system. We provided a conceptual design and a prototype for paying tax in a safe & secure way
Cite this: Rakshan C K, Nandini S, Sakshi Sheregar, Manjunatha R ,"EFFICIENT TAXATION AND SECURE TRANSACTION ON BLOCKCHAIN", Futuristic Trends in Artificial Intelligence Volume 2 Book 17,IIP Series, Volume 2, December, 2023, Page no.125-136, e-ISBN: 978-93-5747-631-7 , DOI/Link: https://www.doi.org/10.58532/V2BS17P6CH1
