The government on Friday came out with a new four-page Income Tax Return Form ('Form 2F') for the assessment year 2006-07.
NEW DELHI: The government on Friday came out with a new four-page Income Tax Return Form ('Form 2F') for the assessment year 2006-07, replacing the earlier 'Saral,' claiming that it was easy to understand and fill up.
A feature of the new form is that it attempts to capture expenditure of an individual, not just his income, as was the case earlier. The items that will entail expenditure for purposes of filing the return have been identified.
''The form has been designed in a manner so that it is easy to understand and can be filled up with little or no help,'' Revenue Secretary K M Chandrasekhar told newspersons here.
Chandrasekhar said assesses have an option of filing the return electronically or by way of a hard copy for this assessment year.
Next year the returns will be accepted only in an electronic form.
''It will reflect the actual expenditure and cash inflow of an individual. An assesse will also have to give the opening and closing balance and the two will need to be matched,'' the top Finance Ministry official said.
Senior officials of the Central Board of Direct Taxes (CBDT) were present on the occasion.
An official said, ''People at present do not report their actual expenditure. As many as 50 per cent of the assesses have been indicating that their expenditure per annum is to the tune of Rs 50,000. This is gross under reporting as only the poor would incur
this level of low expenditure.''
The form is applicable with immediate effect. However, to allow sufficient time to taxpayers to get familiar with it, the existing one-page 'Saral Form 2E' can also be used up to July 31, 2006.
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