After Madhu Kishwar raised the question of Smriti Irani's educational qualifications, the internet has been busy. It seems she has submitted different details at different times. Notably her affidavit for Lok Sabha Election 2004 from Chandni Chowk said she was a B.A. (1996) [page sc5] from Delhi University (School of Correspondence) in 2004 and for Rajya Sabha, Smriti Irani's 2011 affidavit states B.Com. Part 1 [page 10] and the same in affidavit for Lok Sabha Election 2014 from Amethi.
Basically, it is all very exciting, but I don't think it amounts to much, as the lie is more likely to be her earlier affidavit from 2004 Chandni Chowk, which if I remember correctly, she lost to Kapil Sibal, so she can hardly get disqualified from that and it is too late anyway. My guess is that she would have the documents for this one ready to give whoever so much as raises an eyebrow, so I think that this is at best a curiosity exercise.
At best it is an embarrassment that the MP no handling education has a history of faking educational qualifications on an election affidavit.
This may not be such a bad thing from my Point of View, which is very interested in people in charge of education actually understanding the plight of alternatively schooled people and homeschoolers who can face professional prejudice over these pieces of paper which rarely return well educated citizens anyway.
Update: Several people have informed me that Section 125A of the Representation of People Act, 1951 says that false affidavit by candidate has 6 months jail punishment. This may be true. I have not verified, but it is unclear who is going to prosecute, and I doubt the government will give permission. Also, unsure if a wrong affidavit can be prosecuted 10 years later or if there is some time frame when it can be challenged. Someone with more legal knowledge is probably better qualified to comment on this than me.