Advertisement

Help
You are here: Rediff Home » India » Business » Report
Search:  Rediff.com The Web
Advertisement
  Discuss this Article   |      Email this Article   |      Print this Article

FM defends new income tax form
 
 · My Portfolio  · Live market report  · MF Selector  · Broker tips
Get Business updates:What's this?
Advertisement
June 21, 2006 14:59 IST
Finance Minister P Chidambaram has sought to allay the apprehensions expressed in some quarters, including the Congress, over the new income tax form, saying it is easy to fill and was introduced for being amenable to electronic filing.

In his first comment on the new form after returning from abroad, Chidambaram said, "One of the reasons why form 2F was introduced was that it was computer friendly, one could file it electronically."

Pointing out that it is voluntary for tax assessees to fill the new form, 2F, during the current assessment year, he, however, did not drop any hint whether the form would be made mandatory from the next assessment year.

New tax form: What to do

To a query on the issue, he just said, "Let us see, how many file the form voluntarily this year." He said form 2E, or Old Naya Saral form, was not amenable to electronic filing. The new form replaces form 2E after July 31 onwards.

Emphasising that the form is easy to fill, Chidambaram said, "What amazes me is why should people assume income tax returns are such trifling things that you should fill it in five minutes... One should spend at least half an hour to fill the statement. The income form that we have, I believe can be filled in 20 minutes."

Form 2F drew criticism from various quarters, including the Congress, because of the requirement to fill in the cash-flow statement.


© Copyright 2008 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 Email this Article      Print this Article

© 2008 Rediff.com India Limited. All Rights Reserved. Disclaimer | Feedback