Wednesday, April 8, 2009

Income Tax officers after rich candidates in Andhra Pradesh

An article from the Times of India.

Apparently stunned by the high level of income that has been disclosed by some of the candidates in their election affidavits, the income-tax department has suo motu decided to take up 50 such affidavits and investigate further to ascertain whether I-T for the same has been paid for.
Among the 50 such affidavits they are taking up for immediate action include that of Congress candidate from Vijayawada Lok Sabha seat Lagadapati Rajagopal (Rs 229 crore); PRP president Chiranjeevi, candidate from Tirupati and Palakole assembly seats (Rs 88 crore); PRP general secretary and Anakapalli LS seat candidate Allu Aravind (Rs 24 crore); Nizamabad LS Congress candidate Madhu Yaskhi Goud and TDP’s nominee from Kadapa LS seat P Srikanth Reddy (Rs 30 crore each).

I-T sources said the objective of taking these affidavits for scrutiny was to find out whether the candidates were paying income tax for the assets they have declared. “But we will also probe the assets of the family members and that will help us unearth black money or assets for which tax has not been paid. Normally, such scrutiny will take at least two years to be completed. But in these 50-odd cases, we plan to complete the probe in three months,” one official said.

Read the full article here.

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