Politicians Now Have to Declare 5-Yrs I-T Returns
The Election Commission Has decided that all political candidates taking part in the upcoming General Election have to declare Income Tax returns for the last five years. These details now be availabl
The Election Commission had met with the Central Board of Direct Taxes (CBDT) and discussed many changes for political candidates. On 26 February, the Central Government announced that all the politicians who will take part in the upcoming General Elections, will have to show their Income Tax Returns for the last 5 years.
They will also have to include returns of their spouse, dependents and [Box 02 Hindu Undivided Family (HUF).They must clearly share the details of all their assets. If they have any property abroad they have to share that information. If the Candidate or their spouse or dependent have any investments in foreign banks, they have to declare that as well.
All the Election candidates will have to submit their PAN card as well.Since 2013, the Income Tax Department has been verifying the political candidates tax returns. This is the first time that the public will be able to have a look at the candidates finances.
