New Delhi: The Income Tax department will deploy special teams and minutely scrutinise bank accounts during the forthcoming Assembly polls in four states after the Election Commission (EC) recently issued fresh guidelines for ensuring financial transparency during polls.
The department's apex policy making body--CBDT, according to sources, has received a communication in this regard from the poll body and it has begun making arrangements for the implementation of the guidelines called 'transparency and accountability in party funds and election expenditure'.
The comprehensive guidelines prepared by the EC has virtually made it mandatory for political parties to deposit their funds in banks and not to exceed ceiling limits while giving out financial assistance to poll aspirants.
"The guidelines will come into force from October 1 and elections in four states of Maharashtra, Haryana, Jammu and Kashmir and Jharkhand are expected to held after this. Hence, the I-T department will deploy special teams and technical measures to check money power and black money during these polls," a senior I-T officer said.
The EC, with regard to election expenditure being made by individual candidates, has clearly stipulated that the ceiling set in this regard shall not exceed the limit.
"Any payment in this (candidate) regard by the party shall be made through crossed account payee cheque or draft or through bank account transfer and not in cash," the EC guidelines stated.
"The department will work in close coordination with banks and other financial institutions present in the polling states and will deploy special teams to monitor payments. Help of financial intelligence agencies will also be taken," the I-T officer said.
The new guidelines also stipulate that political party's accounts, maintained by the treasurer of the respective party, shall conform to the auditing norms prepared in this regard by the Institute of Charted Accountants (ICAI).
The annual accounts shall be audited and certified by the qualified certified charted accountants as required under the Income Tax Act, the EC had said.