Team  SoOLEGAL

5 Years Income Tax Returns and Foreign Assets must be declared by the Candidates In Lok Sabha Election

Team SoOLEGAL 28 Feb 2019 3:51pm

5 Years Income Tax Returns and Foreign Assets must be declared by the Candidates In Lok Sabha Election

As per the Conduct of Election(Amendment) Rules 2019 notified by the Ministry of Law and Justice on 26th February, The candidates who are fighting in upcoming Lok Sabha election will have to declare the income tax returns of past five years and details of foreign assets held by them.

The Rules has been informed in the exercise of powers under Section 169 read with 33 of the Representation of People Act 1951. The format of form 26 has been completely changed yesterday and it was notified in the amendment, where the candidate has to file an affidavit giving information about the assets, liabilities, educational qualification and criminal antecedents if any.

Earlier, a candidate had to only give information about the last IT return (for self, spouse, and dependents) in Form 26. But as form 26 has been amended, the candidate has to furnish around five years' returns, along with details of offshore assets.

According to the Tuesday's notification, offshore assets means "details of all deposits or investments in foreign banks and any other body or institution abroad and details of all assets and liabilities in foreign countries". The disclosure will not be limited to the candidate, but also cover the spouse, members of the Hindu Undivided Family (if the candidate is a 'Karta' or coparcener) and dependents.

The Constitution Bench of the Supreme Court in September 2019 issued plenty of directions regarding disclosure of criminal antecedents of a candidate in the affidavit. The Court demanded that if any criminal case is pending against the candidate, then the details of the criminal case pending should be stated in bold letters in the affidavit. Also, the candidate as well as the concerned political party shall issue a declaration in the widely circulated newspapers in the locality about the antecedents of the candidate and also give wide publicity in the electronic media.




Tagged: loksabhaelection   candidate   incometaxreturn   foreignassets   criminalcases   ministryoflawandjustice   amendment  
Did you find this write up useful? YES 0 NO 0
New Members view all

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com