NEW DELHI: Candidates contesting all forthcoming elections will now have to mandatorily mention their IT (Income Tax) returns of the last five years, details of foreign assets and PAN at the time of filing nomination.
According to a report in The Indian Express, the government in order to bring more accountability and transparency has issued a notification making it mandatory for nominees to declare their income tax returns, Permanent Account Number (PAN), foreign assets details besides the candidate, spouse, members of the Hindu Undivided Family and dependents.
The nomination contains details related to the candidate fighting election such as assets (movable and immovable).
Earlier, the candidates fighting an election were required to reveal only the IT return filed of past one year (for self, spouse and dependents) in Form 26.
As per the recommendation made by Election Commission seeking amendments to Form 26, the notifiation was issued by the Law Ministry on Tuesday.
The changes, as per the Notification have introduced in Form 26 and it will be effective for all upcoming elections including the Lok Sabha polls.
The amended affidavit clearly state to share PAN without fail. “In case of no PAN, candidates must clearly say ‘No PAN allotted’,” the Notification said.
As per the notification, the candidates will also have to furnish all details of their offshore assets means details of their foreign investment.
The changes made in the Form 26 would make the verification process easier for the Central Board of Direct Taxes (CBDT).