New Delhi: For the past two days Finance Ministry officials have been busy at controlling damage, created first by a Congress statement seeking a rethink on Saral Form 2 F and then by the confusion that the ministry itself created.
So here is a message to clear all confusion — Saral Form 2 F, which is in the eye of the controversy because of Schedule 5 or the cash flow statement, will not be dropped.
It will be mandatory from next year. But it might be modified.
Tax assesses can file returns using Form 2 D as well. But they will have to be prepared to explain investments made or high expenditure incurred as reported in the annual information returns filed by agencies like banks and mutual funds.
The revenue secretary believes that after the initial resistance Form 2 F will catch on.
That is because it will facilitate refunds electronically. But considering the huge under-reported expenditure happening across the country from unaccounted income, the last may not be heard on the controversy.
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