Revenue secretary K.M. Chandrasekhar in New Delhi on Friday. (PTI)

New Delhi, June 2: Income tax authorities today notified a four-page returns filing form that would replace the one-page Saral to keep a tab on undisclosed income of taxpayers.

Though derided as complicated by tax consultants, revenue secretary K.M. Chandrasekhar said the new form, which is being introduced from June 1, will make returns filing easier with little or no help from experts. The new form would be simpler than the earlier one as it would ?not require any annexure, not even Form 16 (tax deducted at source certificate), that was required to be attached with the earlier Saral form,? the secretary said.

The new form, called 2F, can be used by individuals and Hindu undivided families having long-term capital gains from transactions in securities on which the securities transaction tax has been paid. Those earning short-term capital gains, having agriculture income, and more than one house property cannot use this form.

Salaried taxpayers, who will be the main users of this form, have, however, been given the option of filing returns for this year in the existing Saral up to July 31, the due date for filing of returns.

The new form, Chandrasekhar said, introduces schedule V in which tax assessees would have to report the cash flow for a financial year. The bank and cash balances at the beginning of the year, the income earned through the year, monetary gifts and loans accepted will have to be reported.

Expenses (like children?s education) and investments on which tax benefits are claimed, total investments made during the year and total spending will also have to be reported, but not their break up. At the end of it all, the cash and bank balance will have to be mentioned.

?It?s a simple case of the figures tallying ... some people spend beyond their means, some have income which they do not report. We simply want to check that. Normal people with normal returns will find the new system much better and simpler,? said Chandrashekhar.

CBDT member Arvind Modi said, ?No details of expenses like that of household would be asked and the assessees are required to fill only the lumpsum amount.? Bank statements need not be attached while filling up the form, officials said. Only in case of scrutiny can these be sought.

The revenue secretary said the principal advantage of furnishing the cash-flow statement is that it would ?substantially? reduce the probability of scrutiny assessment or any other kind of intrusive investigation on tax assessees. This statement is optional for this financial year. But it would be mandatory from next year.

Professionals, however, felt the new form will make life less easy for taxpayers. ?I think the form will actually make salaried people come to professionals,? said Sudatta Sen, a senior chartered accountant.