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Sebi unearths Rs 34,000-crore tax evasion

Market regulator sends fresh list of 11,000 persons to tax authorities

Shrimi Choudhary  |  Mumbai 

The fear of abolition of the long-term capital gains (LTCG) tax benefit is back on Dalal Street as another 11,000 cases of penny stock trading abuse have come to light. The Securities and Exchange Board of India (Sebi) sent a fresh list last week of entities that had allegedly misused capital gains provisions to evade Rs 34,000 crore in taxes to the income tax (I-T) department. Although the regulator has stepped up vigilance, instances of such abuse are increasing. The government has hinted at a possible revocation of the capital gains benefit for stocks held for more than ...

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First Published: Tue, May 16 2017. 00:30 IST
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