Taxmen to take I-T returns of poll candidates under scanner

With the final phase of the general elections approaching on May 13, the income-tax department is gearing up to scrutinise all the income and assets details filed by the candidates before the Election Commission.     

According to official sources, the department has asked its offices and assessing officers across the country to start the scrutiny of the I-T returns as soon as elections get over.     

"The department will get the bulk of the tax returns of the candidates from across the country from the Election Commission soon. With the end of the polling on May 13 and counting of votes on May 16, the data would be dispatched to the Chief Commissioners and Commissioners in various parts of the country," a senior Finance Ministry official said.     

The department has also directed its enforcement wings of intelligence, investigation and exemption to keep a check on the huge numbers of monetary figures filed by various candidates who are testing the electoral waters to join the country's 15th Lok Sabha.

 Media reports on "crorepati" candidates are a definite source of information, a Revenue department officer said.The department will also closely scrutinise forms of the candidates who have not furnished their PAN card details.     

"The candidates do so as they claim that their income is not taxable but the department will scrutinise such claims for any possible cases of wrong information being provided. If the information is found untrue, tax demands would be raised and notices would be sent to such candidates," an income-tax department official said.     

While the penalty for not having a PAN is Rs 10,000 for that of evading tax the amount can settle anywhere between 100 per cent to 300 per cent of the tax evaded, the official added.     

While the maximum value of assets declared in these general elections have exceeded more than Rs 600 crore for few candidates, more than two dozen candidates have declared assets worth more than Rs 400 crore.