The Income Tax department has started scrutiny of the assets and expenditure details furnished to the Election Commission by the candidates and MPs who contested the Lok Sabha polls last year.
The 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 (UT) 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 Members of Parliament and Ministers, I-T sources said.
Income Tax assessment offices across the country will take up the scrutiny of documents, assess 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 houses, to the EC.
Other details include loans taken, monetary dues to government enterprises and departments and PAN card detail 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 liability, they said.
