📌 What You Need:
- ChatGPT (Free or Plus – Plus is ideal for longer documentation)
- Excel/Tally/Zoho Books (for accounting tasks)
- Access to Indian portals: Income Tax e-filing, GST Portal, MCA
🧾 1. Tax Planning
Goal: Help individuals or businesses reduce tax liability while remaining compliant.
Prompt Example:
“Create a tax-saving strategy for an Indian salaried employee earning ₹18 lakh per annum.”
ChatGPT Provides:
- Comparison of old vs. new tax regime
- 80C, 80D, 80G deductions
- HRA, LTA, NPS optimization
- Capital gains planning (if any)
🧮 Bonus:
“Suggest year-end tax moves for a freelance consultant based in Mumbai.”
📋 2. Audit Documentation
Goal: Draft working papers, checklists, and evidence summaries.
Prompt Example:
“Create an audit program for a retail business with multiple outlets.”
ChatGPT Delivers:
- Risk assessment
- Key areas: inventory valuation, revenue recognition, cash controls
- Checklist for evidence collection
- Format for audit remarks
🧾 Also Try:
“Create a standard working paper template for vouching and verification.”
📊 3. Financial Statement Analysis
Goal: Interpret ratios and explain financial health in simple terms.
Prompt Example:
“Analyze the balance sheet and P&L of an Indian private limited company with these values: [Insert values].”
ChatGPT Gives:
- Liquidity, profitability, solvency ratio analysis
- Trend comparison
- Red flags (e.g., rising receivables, shrinking margins)
- Plain-English summary for clients
📈 Bonus:
“Create a client report summarizing their financial position for investor presentation.”
💸 4. GST Compliance
Goal: Help prepare returns and understand filing nuances.
Prompt Example:
“List GST compliance steps for a service-based company operating in Maharashtra and Karnataka.”
ChatGPT Provides:
- GSTR-1, GSTR-3B, and annual return info
- Due dates and penalties
- Place of supply rules
- HSN code classification help
📋 Ask also:
“Generate a checklist for reconciling GSTR-2A with purchase register.”
🧱 5. Internal Controls
Goal: Design controls to prevent fraud and ensure accurate reporting.
Prompt Example:
“Create an internal control framework for a small manufacturing company.”
ChatGPT Delivers:
- Procurement controls (3-way match, approval flow)
- Cash handling policies
- Segregation of duties
- Monitoring and audit frequency
🧠 Follow-up:
“Add specific examples of common fraud scenarios in Indian MSMEs.”
🔍 6. Forensic Accounting
Goal: Assist in detecting fraud and unusual financial activity.
Prompt Example:
“Create a checklist for forensic investigation in a suspected fake invoicing scheme.”
ChatGPT Gives:
- Red flags: duplicate vendors, round-figure invoices, missing documentation
- Trail analysis: bank statements, ledger anomalies
- Tools: Excel forensic formulas, Benford’s Law
⚖️ Add-on:
“Draft a summary report to be submitted to the audit committee.”
📈 7. Advisory Services
Goal: Provide data-backed, strategic guidance.
Prompt Example:
“Prepare a strategic financial advisory note for a startup planning to raise seed funding.”
ChatGPT Delivers:
- Current vs. projected financial snapshot
- Cash burn and runway
- Valuation method suggestions (DCF, market comps)
- Actionable advice: compliance, investor readiness
📊 Also try:
“Compare LLP vs Pvt Ltd structure for a bootstrapped startup.”
📰 8. Regulatory Updates
Goal: Stay informed about changes in tax laws and accounting standards.
Prompt Example:
“Summarize key changes introduced in Union Budget 2025 for Indian businesses.”
ChatGPT Provides:
- Section-wise updates (Income Tax, GST, Corporate Tax)
- Impacts by business type
- Suggested next steps for clients
📚 Try:
“Explain recent ICAI notifications on CARO reporting requirements.”
🇮🇳 India-Specific Enhancements
🧾 9. E-filing Assistance
“List documents required for filing ITR-3 for an Indian professional with foreign income.”
📄 10. MCA Compliance Calendar
“Generate an annual ROC filing schedule for a Pvt Ltd company.”
🧭 Summary Cheatsheet
| Task | ChatGPT Helps With |
|---|---|
| 🧾 Tax Planning | Individual and business optimization using sections, exemptions |
| 📋 Audit Documentation | Audit programs, working papers, and checklists |
| 📊 Financial Analysis | Ratio interpretation, reporting, client summaries |
| 💸 GST Compliance | Filing guides, reconciliation checks, HSN/SAC code help |
| 🧱 Internal Controls | Designing SOPs and fraud prevention systems |
| 🔍 Forensic Accounting | Red flag checklists, document trails, investigation summaries |
| 📈 Advisory Services | Startup guidance, funding prep, structure selection |
| 📰 Regulatory Updates | Budget summaries, ICAI/SEBI/MCA circular explanations |