Poll candidates now have to give income details of 5 years

NEW DELHI: Candidates in the upcoming general elections as well as all future polls will now have to declare total income earned by them, their spouse, Hindu Undivided Family in which they are a ‘karta’, and their dependents in the past five financial years. Before this amendment was introduced on Thursday in Form 26 or poll affidavit to be filed by candidates with their nomination papers, candidates were required to only declare total income as per the last income-tax return filed.

Another key change introduced by the Election Commission in Form 26 is an explicit explanation that assets and liabilities to be declared by the candidate shall include “offshore assets” of self, spouse and dependents. It clearly states that the term “offshore assets” would cover deposits or investments in foreign banks and any other body or institution abroad, apart from assets and liabilities in foreign countries.

While declaring their dues to the government in the poll affidavit, the candidates will be required to provide details of their GST dues as well. The changes in the poll affidavit format are aimed at introducing more transparency regarding the financial background of the candidate, his/her spouse and dependents, thus helping electors make an informed choice.

As per Part 4 of Form 26, comprising details of PAN number and status of filing of I-T returns by the candidate, spouse, HUF (if candidate is a karta/coparcener) and dependents, the total income shown in I-T returns for the last five financial years completed will have to be mentioned year-wise. A note has been added stating that it would mandatory for the PAN holders to mention PAN.