New Election Rules Require Lok Sabha Candidates To Declare Five Years’ Income Tax Returns, Furnish Details Of Foreign Assets

Candidates contesting in this year’s Lok Sabha elections will be required to declare their income tax (IT) returns for the previous five years, as well as disclose the details of any foreign assets owned by them, as per the Conduct of Election (Amendment) Rules 2019 which were released in a notification by the Ministry of Law and Justice on Tuesday (26 February), reports Live Law.

This new amendment has been made by exercising powers stemming from Sections 33 and 169 of the Representation of People Act 1951. In effect, this means that the format of Form 26, in which a candidate has to divulge details of his assets, liabilities, educational qualifications, etc has been modified.

Prior to the new rule, a candidate was required to only furnish the last IT return filed by self, spouse and dependants.

Offshore assets, as defined in the amended rules, mean "details of all deposits or investments in foreign banks and any other body or institution abroad and details of all assets and liabilities in foreign countries".

The income tax and offshore wealth details of the candidate’s Hindu Undivided Family would also have to be furnished in case he or she is the ‘karta’ or coparcener. As before, the same information will have to be disclosed for the spouse and dependants of the candidate.