Such a statement of assets and liabilities could be in respect of the financial year for which the income tax return has already been filed by the Minister.
As per the Code of Conduct, after taking office and so long as he remains in office, the Minister shall furnish annually by the 31st August to the Prime Minister a declaration regarding his assets and liabilities for the previous financial year.
The Minister will have to refrain from buying from or selling to the government any immovable property except where such property is compulsorily acquired by the government in usual course.
As per the code of conduct, the Minister will have to refrain from starting or joining any business, ensure that the members of his family do not start, or participate in, business concerns, engaged in supplying goods or services to that Government or dependent primarily on grant of licenses, permits, quotas, leases, etc., from that Government.
The Minister will have to report the matter to the Prime Minister if any member of his family sets up or joins in the conduct and management of any other business.
No Minister should personally or through a member of his family accept contribution for any purpose, whether political, charitable or otherwise.
