Govt to replace forms for Corp, Business taxpayers

New Delhi, June 11: Close on the heels of introducing the hotly-debated Form 2F for individual tax payers, the government is planning to bring in new forms for 'Corporate' tax payers and 'Business' tax payers.

''A revised form is being considered for Corporate tax payers and Business tax payers,'' Revenue Secretary K M Chandrasekhar told sources.

He said it might be necessary to replace the existing forms in this regard.

Mr Chandrasekhar said the new forms were necessitated, among other reasons, by provisions of the Fringe Benefit Tax (FBT).

Form 2F, which is to replace the existing Form 2E (Naya Saral), is in the eye of a storm for being more cumbersome and for introducing 'Cash Flow' statement.

The official, however, said the statement was only optional and claimed that it was friendly to the salaried class.

Asked whether the raging controversy over 'Form 2F' had made the Department any wiser, Mr Chandrasekhar quipped: ''Nothing much has changed.'' In fact, he expressed confidence that as time went by more and more salaried persons would shift over to the new Form.

''They need to understand more clearly the logic of the changes that have been introduced,'' he said.

Individual assessees still have a mileu of forms to choose from, Mr Chandrasekhar added.

UNI