We present an up-to-date analysis of the constraints the precision data imp
ose on the (CP-conserving) Two Higgs Doublet Model of type II with emphasis
on the possible existence of very light neutral (pseudo)scalar Higgs boson
with mass below 20 - 30 GeV. We show that even in the presence of such lig
ht particles, the 2HDM(II) can describe the electroweak data with the preci
sion comparable to that given by the SM. Particularly interesting lower lim
its on the mass of the lighter neutral CP-even scalar h(0) are obtained in
the scenario with light CP-odd Higgs boson A(0) and large tan beta.