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I-T filings no more Saral
May, 03rd 2007

Saral (simple) days of filing income tax (I-T) returns is over. The I-T department on Friday notified a new four-page returns form, which will record expenditure details of assesees, besides capturing their income statements. Tax payers will also be required to furnish a cash-flow statement under schedule 5 of the new form, 2F.

The cash flow statement will capture details of an assesees bank account including cash balance, both in the beginning and at the end of the year. Details of other receipts including exempt income, loans and gifts received during the year, will have to be mentioned under the schedule 5.

This form is applicable with immediate effect. However, to allow sufficient time to taxpayers to familiarise with this return form, the existing one-page Saral form 2E can also be used up to July 31, 06, revenue secretary KM Chandrasekhar said. He also mentioned that filing cash flow statement for assessment year 06-07 is optional. It will, however, be mandatory from 07-08.

The purpose of cash-flow statement is to verify information collected from the third part sources through annual information returns (AIR) with outgoings during the year, he said.

Department officials argue any mismatch in income and expenditure, captured in the form, will help pin down tax evaders. Officials ruled out any possibility of intrusion by taxmen into housholds of assessees through the cash-flow statement. They clarified tax payers are need to provide only lump sum amount of household expenses. The form is self-explanatory, easy to understand Mr Chandrasekhar claimed.

The new system would substantially reduce the possibility of scrutiny assessment or any other kind of intrusive investigation, an official said.

Tax payers are not required to attach any paper with the new form including details of total income, expenditure and form 16 (providing TDS details). The form, meant for resident individuals and Hindu undivided family (HUF), will not be applicable for those earning short-term capital gains, agricultural income, business income or have more than one house.

 
 
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