The Election Commission in consolation with the Central Board of Direct Taxes has defined some new rules that need to be followed by all candidates entering the political arena. They will now have to furnish income tax returns and provide details of inherited property.
According to the new affidavit, the candidate has to furnish details of the “financial year for which the last I-T return has been filed and the total income shown in the (same) I-T return”.
He/She will also have to furnish the clause of “inheritance” in terms of immovable property categorised as agricultural land, non-agricultural land, commercial buildings and residential buildings. The ‘approximate current market value´ of such a property also has to be mentioned in the new affidavit.
These steps have primarily been taken by the EC curb the use of black money and illegal wealth in the electoral process.