No cash Flow Statements

By Vijay Kumar

Last year, the Government had introduced a cash flow statement for Individuals and HUFs. However, responding to representations against the cash flow statement, the same has been withdrawn. Individual and HUF taxpayers would now be required to furnish only information with regard to transactions, which are reported through Annual Information Returns (AIR).

Government proposes to take the views of the Institute of Chartered Accountants of India on these forms. In the meanwhile taxpayers have been advised to familiarize themselves with the new forms. The notification will be made on May 14, 2007.