labels: economy - general
Chidambaram defends the new tax form news
21 June 2006

Finance minister P Chidambaram has come to the rescue of the controversial new tax form '2F', which is facing criticism from several quarters, including members of the ruling Congress party. He said the new `2F' tax form was easy to fill, amenable to electronic filing and is computer friendly.

Form 2F, which replaces the old Naya Saral form 2E from July 31, required assesses to fill in their cash-flow statement as well. He said filling the form is not mandatory for the current assessment year. The government would evaluate the compliance ratio and formulate policies accordingly, he said. He, however, did not specify whether it would be made mandatory from the next assessment year.

"One of the reasons why form 2F was introduced was that it was computer friendly - one could file it electronically. Old Naya Saral form, which continues this year, was not amenable to electronic filing," Chidambaram told reporters on the sidelines of a function organised by the Global Association of Research and Policy Institutes.

"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," he said.

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Chidambaram defends the new tax form