Income Tax Department started scrutiny of assets and expenditure details furnished to Election Commission
- Monday, May 31, 2010, 7:20
- Income Tax
The Income Tax Department has started scrutiny of the assets and expenditure details furnished to the Election Commission by the candidates and MPs who fought Lok Sabha polls last year. The Election Commission (EC) has recently informed the department to take “appropriate action” with regard to the financial details furnished by the candidates after it finished uploading the affidavits from all the states and Union Territories (UTs) on its official website.
The candidates have filed the details of their assets and liabilities with the EC and the department has now asked its field units to take up the scrutiny of these affidavits.
The department will tally the affidavits with the Income Tax returns of the candidates, sitting Member of Parliaments and ministers, I-T sources said.
Income tax assessment offices across the country will take up the scrutiny of documents, assess the wealth, assets and liabilities and will raise tax demands accordingly.
Details of investments if not mentioned in these affidavits will be asked for, they said.
According to I-T sources, the candidates– under the assets and liabilities head– have furnished details of cash, deposits in banks, financial institutions and non-banking financial companies, bonds, debentures and shares in companies, investment schemes like National Savings Scheme (NSS), postal savings, LIC (Life Insurance Corporation), jewellery, agricultural and non-agricultural land, apartments and house possessed, to the EC.
Other details include loans taken, monetary dues to government enterprises and departments and PAN card details of the candidate.
These details will now be cross checked with the candidates returns and appropriate cases for assessment will be picked up.
The I-T returns of 2007-08 and 2008-09 will also be compared with these details in order to check the rise in income of the candidate and the tax liable on it, they said.
Related posts:
- Income tax department matching politicians poll affidavits with their Income Tax Return
- Tax department started providing your tax payment & TDS details like a bank statement
- IT Department has started a three-pronged scrutiny of material collected during survey at IPL and IPL commissioner offices
- Income tax department decided to take up fewer tax returns for scrutiny this year
- Income Tax Department will mail to individual assessees details of TDS
Unfortunately, it is too late in the day, considering the statutory time limits for taking action in respect of past years. The suggestion to do this was given by many an Election Expenditure Observer in the 1090′s but ignored by the CEC and the CBDT. Of course, better late than never, though this also will not be able to stem the rot.
Ultimately,the Revenue Department’s deep sleep has been wake up.
It is indeed a long pending issue-that is to findout the politicians,bureaucrats,technocrats and high officials -concealed income /disproportinate incomes are supposed to march in the main stream of revenue-of course if the Revenue department truly demsnds so.
JUST CARRY OUT MASSIVE DRIVE AGAINST THOSE PERSONS TO FIND OUT THE TRUE PICTURE OF THE ASSETS OF THE ABOVE UNTOUCHED PERSONS-THOSE ARE USED TO TAKE BRIBE OFTEN FOR THE VESTED INTERESTED PERSONS INITIATIVE
thanks to income tax department and election commission to take the this type of decision against those person, who filed the return does naver be match with declaration filed with E.C,
i would like to give my suggesation , that estrangement action should take the department,