3.4 lakh persons evade income tax payable on capital gains from shares and mutual funds.

It is shocking to know that 3.4 lakh persons have cheated income tax, payable on account of capital gains from shares and mutual funds. As per media reports, 3.4 lakh investors, dealing in shares and mutual funds, have evaded income tax, on account of capital gains. Data shows that in 2018-19 alone, 91,000 individuals and Hindu Undivided Families (HUFs) dealing in shares and mutual funds, exceeding Rs.20 lakh, did not file Income Tax returns. The value of the sales of these shares and mutual fund units is estimated at Rs.99,000 crores. The Income Tax department is taking stringent actions when salaried employees do not file income tax returns. At the same time, media reports reveal that lakhs of persons dealing with shares and mutual funds escape from paying income tax and they are being allowed to escape scot-free.

[Courtesy: Times of India dated 29.01.2020]