Press
Note
New Income-tax Return- ‘Form No.2F’
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With
a view to make return filing easier, the Central
Government has notified on 1st June, 2006 a new
income-tax return form “ Form 2F”
for Assessment Year 2006-07.This Form has been
designed in a manner so that it is easy to understand
and can be filled up with little or no help.
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This
Form can be used by resident individuals and HUF
who do not have – |
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(i)
profits and gains of business or profession; or
(ii) capital gains; or
(iii) agriculture income; or
(iv) more than one house property; or
(v) any claim for relief under section 89 in respect
of arrears or advance of Salary.
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However Individuals/HUF having long-term capital
gains from transactions in securities on which
securities transaction tax (STT) has been paid
can also use this form. |
| (This
Form is applicable with immediate effect. However
to allow sufficient time to taxpayers to familiarize
with this Return form, the existing one page Saral
Form :2E can also be used up to 31.7 2006.
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The
salient features of the new form are-
(i) It has been expanded to four pages so that
there is sufficient space to fill in the details.
(ii) No annexures are required to be attached
with this Return form. If enclosed, same shall
be returned by the official receiving the return.
(iii) Detailed explanatory instructions have
been provided to fill this Form.
(iv) Cross-referencing to the Instructions has
been provided for most entries.
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Schedule
5 of the new form seeks to have cash-flow statement
for the Financial Year of which Income has to
be reported. However for Assessment Year 2006-07
it is optional to fill this schedule. The main
advantage of furnishing the cash-flow statement
is that the information collected from the third
party sources through AIR can be verified with
the outgoings during the year. Therefore, this
would substantially reduce the probability of
scrutiny assessment or any other kind of intrusive
investigation. |
| The
Government proposes to encourage the taxpayers to
follow a two-step procedure to file this Return.
First, they should transmit this return and schedules
thereto electronically (without digital signature)
to web-site http://www.incometaxindiaefiling.gov.in
and thereafter file a paper Return. The date of
such transmission and acknowledgement number given
electronically by the Income-tax Department for
such transmission has to be mentioned in the paper
Return. However, in case the details of the Return
are not transmitted electronically, the paper Return
must necessarily be filed and will be treated as
a valid Return.
The Income-tax Department would like to encourage
taxpayers to use this Form so as to serve them
better.
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