PAN-less candidates with over Rs 5-cr assets to face I-T scrutiny

For the first time, candidates with assets of over R5 crore without a PAN card are set to come under the scanner of the tax department and the Election Commission, which have prepared a list of ‘red flags’ to weed out suspected tax-evaders from the poll fray.

This is part of a joint charter prepared by the Central Board of Direct Taxes (CBDT) and the Election Commission (EC) for scrutinising the poll affidavits of candidates contesting the 2014 Lok Sabha elections.

Candidates declaring a jump of R2 crore in value of their immovable assets since last polls would also trigger such red flags, pursuant to which further inspections would be carried out by the taxmen, a senior official said.

Source : www.financialexpress.com