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Our Bureau

New Delhi, June 5

The Confederation of All-India Traders (CAIT) has demanded immediate withdrawal of the new four-page income-tax return form prescribed by the Revenue Department for certain categories of individual/Hindu undivided family assessees.

A release issued by CAIT claimed that the new Form 2F would land honest taxpayers into the "cruel hands" of tax inspectors and thereby unleash an inspector raj.

Salaried tax assessees are aggrieved over the new form as it requires them to provide a cash-flow statement (involving opening and closing bank and cash balances, income, expenditure, capital receipts and payments) as part of the returns.

The cash flow statement is optional for the assessment year 2006-07, but is likely to become mandatory from assessment year 2007-08.

More Stories on : Income Tax

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