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ChatGPT – Your artificial

intelligence based
virtual assistant
ChatGPT is an artificial intelligence chatbot developed by
OpenAI. As of December 2022, ChatGPT has become the
fastest growing computer application till date. ChatGPT
never fails to surprise the users with its data, knowledge,
and its speed to generate response. The interface for using
ChatGPT is designed to be user-friendly, allowing users to
ask questions and receive responses within a few seconds.
ChatGPT is a revolutionary technology and can provide
human-like responses and may eventually have the power to
CA. Rupinder Kaur disrupt how humans interact with computers.
Member of the Institute

What is ChatGPT?

C
hatGPT (GPT here stands posts, which makes it capable of
for Generative Pre-trained handling different types of language
Transformer), launched in and even informal language, such
November 2022, is an artificial as slang or colloquialisms.
intelligence chatbot developed
by OpenAI. By December 4, 2022, Usage of ChatGPT
ChatGPT already had over one
It is an artificial intelligence-based
million users. In January 2023,
virtual assistant designed to interact
CHATGPT reached over *100
with users and provide helpful
million users, making it the fastest
responses to a wide range of
growing computer application
questions on various topics. It has
to date. This AI based language
model has been pre-trained on been trained on a massive corpus of
massive amounts of text data to text data and uses advanced natural
learn the patterns and structures of language processing algorithms to
human language. understand and generate human-
like responses.
One of the unique features of
ChatGPT is that it is a generative The service was initially launched
model i.e., it can generate new free to the public, with plans to
text based on a given prompt. This monetize the service later. Looking
makes it useful for a wide range at the popularity, the company
of applications, from language has already launched a pilot
translation to content creation. subscription plan named ChatGPT
ChatGPT has been trained on a Plus, which can chat with you,
variety of sources, including books, answer follow-up questions, and
articles, websites, and social media challenge incorrect assumptions.

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As per a business insider article, ChatGPT was credited create ‘reward models’ that the model was further fine-
as the author or co-author on more than 200 tuned on using several iterations.
paperbacks and e-books in Amazon’s
bookstore. In addition, OpenAI continues to
gather data from ChatGPT users
Few other uses of ChatGPT are ChatGPT that could be used to further train
listed below: and fine-tune ChatGPT. Users
was fine-tuned using an are allowed to upvote or
Create Content approach to transfer learning downvote the responses they
receive from ChatGPT; upon
ChatGPT can be used for
content creation, as it can
using supervised learning upvoting or downvoting,
easily write content based as well as reinforcement they can also fill out a
text field with additional
on a prompt. For instance,
the AI tool can write a
learning. Both the feedback.
song, articles, and even approaches used human
What makes ChatGPT
books.
trainers to improve the special?
Write Codes and Debug model's performance. ChatGPT is special because
ChatGPT can even write codes, it represents a significant
and help developers debug breakthrough in the field of NLP.
codes as well. It can also be used to Prior to the development of ChatGPT,
generate SQL queries. language models were limited in their ability
to understand the nuances of natural language
How does ChatGPT work? and generate human-like responses. However, with
ChatGPT was fine-tuned using an approach to the advent of transformers and attention mechanisms,
transfer learning using supervised learning as well as ChatGPT is able to handle a wide range of language
reinforcement learning. Both the approaches used tasks and produce high-quality responses that are
human trainers to improve the model's performance. indistinguishable from those written by humans.

In the case of supervised learning, the model was Another unique feature of ChatGPT is that it is a “zero-
provided with conversations in which the trainers shot” model, meaning that it can generate responses to
played both sides - the user and the AI assistant. prompts that it has not been explicitly trained on. This is
possible because the model has learned the statistical
In the reinforcement learning step, human trainers first patterns of language during the pre-training phase,
ranked responses which the model had created in a which allows it to generate plausible responses to a wide
previous conversation. These rankings were used to range of prompts, even if it has not seen them before.

Steps to use ChatGPT

The interface for using ChatGPT is designed to be user-
friendly, allowing users to ask questions and receive
responses with ease. One needs to follow these simple
basic steps:
1. Visit https://openai.com/blog/chatgpt
2. Type your question in the chat box
3. Press enter and submit the question
4. ChatGPT will process the query and generate the
response within a few seconds
5. You can submit follow-up questions if any

Example
This is an example of a response from ChatGPT when
asked “who has to pay income tax in India and how
to pay,” and this response was generated in just a few
seconds.

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“In India, any individual, Hindu Undivided To pay your income tax dues, you can choose any
Family (HUF), association of persons of the available modes of payment such as
(AOP), body of individuals (BOI), or net banking, debit/credit card, NEFT,
any other artificial juridical person or RTGS. You can make the payment
whose total income exceeds either online or offline by visiting
the basic exemption limit is the nearest bank branch.
liable to pay income tax.
ChatGPT is special
The basic exemption limit It is important to note that
varies based on the age income tax returns need to
of the individual and the because it represents be filed every year by the
due date, which is usually
category of taxpayer.
a significant July 31st of the assessment
For the Financial Year 2022- year. Failure to file income
23 (Assessment Year 2023- breakthrough in the tax returns on time can lead
24), the basic exemption
limit for individuals below field of NLP. to penalties and interest
charges.”
60 years of age is Rs. 2.50
lakhs, for individuals between Limitations of ChatGPT
60-80 years of age is Rs. 3 lakhs While ChatGPT is a remarkable
and for individuals above 80 years technological achievement, it has
of age is Rs. 5 lakhs. certain limitations which are as follows:
To pay income tax in India, one needs to i. Bias in Data
follow these steps:
One of the major limitations of ChatGPT is the risk
First, you need to register yourself on the Income of bias in the training data. The model is trained
Tax Department’s e-filing website: https://www. on massive amounts of text data that can contain
incometaxindiaefiling.gov.in/. biases and stereotypes, such as gender, race, or
socio-economic status. This can result in the model
Once registered, you can file your income tax return reproducing and even amplifying these biases in its
either manually or through the website. For manual responses.
filing, you need to download the relevant forms from
the website and submit them to your nearest Income ii. Lack of Common Sense
Tax office. Alternatively, you can file your return online
ChatGPT lacks common sense, which can sometimes
using the e-filing portal.
lead to nonsensical or inaccurate responses. While
the model can generate plausible responses based
on statistical patterns in language, it may not have a
deep understanding of the context or the real-world
implications of its responses.
iii. Repetitive Responses
Another limitation of ChatGPT is that it can generate
repetitive responses or responses that lack creativity
or originality. This is because the model relies on
statistical patterns in the training data to generate
responses, which can sometimes result in the same
or similar responses being generated for different
prompts or contexts.
iv. Lack of Emotional Understanding
ChatGPT lacks emotional understanding, which
means that it may not always be able to accurately
interpret the emotional tone of a conversation or a
prompt. This can lead to inappropriate or insensitive
responses. For example, if a user expresses sadness
or grief in a conversation, ChatGPT may not always

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be able to recognize and respond appropriately to About OpenAI

the emotional tone. ChatGPT is a product of OpenAI, a San Francisco-
v. Limited Context Understanding based research organization that aims to develop
artificial intelligence in a beneficial manner. OpenAI
ChatGPT has limited context understanding, which was co-founded in December 2015. Following are the
means that it may not always be able to accurately
team members and founder of OpenAI:
interpret the context of a conversation or a prompt.
This can lead to misinterpretations or irrelevant
responses.
Elon Musk
Elon Musk was one of the initial investors in OpenAI and
vi. Security and Privacy Concerns served as co-chairman of the board until 2018 when he
ChatGPT can be vulnerable to security and privacy stepped down due to potential conflicts of interest with
concerns, such as data breaches. The model may his other companies.
also collect sensitive user data during conversations,
such as personal information or passwords, which Sam Altman
can be a significant risk. Sam Altman is an entrepreneur and investor. He is
the CEO of OpenAI and the former president of Y
Jobs at risk from ChatGPT
Combinator.
Here are some of the jobs that could be at
risk due to the widespread adoption of
ChatGPT and similar technologies:
Greg Brockman
Greg Brockman is a software
Customer service ChatGPT can engineer and entrepreneur who
co-founded the payments
representatives
provide insights and company Stripe. Brockman
One of the most significant
applications of ChatGPT advice on various is currently the Chairman of
OpenAI and has been with
is in the field of customer
service. Chatbots powered
topics such as tax the organization since 2016.
by AI can handle simple planning, financial The tech giant Microsoft has
queries and resolve issues
quickly and efficiently,
analysis, audit also invested in OpenAI as

reducing the need for procedures Microsoft looks to accelerate

the breakthroughs in AI to
human customer service
representatives.
and more. benefit the world. Reid Hoffman
(co-founder of LinkedIn), Peter
Thiel (co-founder of PayPal), and
Content creation
Amazon Web Services (AWS) are also
ChatGPT’s ability to generate creative investors in OpenAI.
text could have a significant impact on the
content creation industry. While it may not be able
to replace the creativity and skill of human writers
Can ChatGPT replace Google?
entirely, it can generate simple articles, descriptions With ChatGPT, it is easy to ask questions to a
to products, and other types of content. computer and receive prompt responses. Google
typically provides users with links to websites it
Translation considers to be relevant. Often, ChatGPT responses
ChatGPT’s ability to translate text between languages surpass Google’s recommendations as it uses the
could also impact jobs in the translation industry. While latest, well-trained AI algorithms, but verifying the
it may not be able to replace human translators entirely, accuracy of ChatGPT answers takes effort because,
it can provide quick and accurate translations for simple unlike Google, it uses text without any links or
documents and conversations. citations. Moreover, as ChatGPT continues to make
progress, Google is also building large language
AI technologies may lead to job losses in certain models of its own and using AI extensively in its
industries, but as the technology continues to evolve, search algorithms.
it’s likely that new jobs will emerge that require skills
in AI development, data analysis, and other areas Therefore, it is too early to say that ChatGPT will
related to AI. replace Google’s search engine.

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advances in AI technology and the evolving needs and

preferences of users.

Professional Opportunities for Chartered

Accountants
i. Client Services
ChatGPT can help Chartered Accountants to provide
quick and efficient client services. CAs’ can integrate
ChatGPT into their website or application allowing
clients to ask questions and receive immediate
responses.
ii. Professional Development
CAs’ can use ChatGPT to enhance their professional
knowledge. ChatGPT can provide insights and advice
on various topics such as tax planning, financial
analysis, audit procedures and more.
iii. Improving accuracy
Competitors of ChatGPT
ChatGPT can help improve accuracy by reducing
The advent of ChatGPT and its introduction to the
the risk of human error in tasks like data entry and
wider public increased interest and competition in
calculation.
the space. Here are some of the main competitors
of ChatGPT: iv. Automating routine tasks

i. Google’s BERT Chatbots can automate routine tasks like data

entry, invoice processing, and payment reminders,
BERT is a language model developed by Google that freeing up time for human accountants and finance
is similar to ChatGPT. It uses transformers to analyze professionals to focus on more strategic tasks.
and process text and can generate responses to
prompts. Conclusion
In conclusion, ChatGPT is a remarkable achievement in
ii. Microsoft’s Turing-NLG
the field of artificial intelligence, and it has the potential
Turing-NLG is a natural language generation model to revolutionize the way we interact with computers.
developed by Microsoft. It is known for its ability However, it is important to be aware of its limitations
to generate fluent and coherent text in a variety of and potential risks. Efforts are being made to address
styles and formats. these limitations, but it will require ongoing research
and development to ensure that ChatGPT is used
iii. Facebook’s RoBERTa responsibly and ethically.
RoBERTa is a language model developed by
Facebook that is similar to ChatGPT. 

Future of ChatGPT
As AI technology advances, ChatGPT’s future is likely to
continue to evolve and improve as an AI based virtual
assistant. In the future, ChatGPT may become much
more capable of understanding and responding to
human language with increased accuracy.

Additionally, ChatGPT may be able to perform more

complex tasks and offer more personalized responses Author may be reached at
tailored to the needs of individual users. Overall, the [email protected] and
[email protected]
future of ChatGPT is likely to be shaped by ongoing

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