What's the mystery around 97.8% filers recording zero STCG tax in 2016-17?

Number of those reporting such gains are a fraction of investor count from other sources

The latest set of tax data reveals a persistent oddity when it comes to short-term capital gains tax.

Around 97.8 per cent of them recorded zero short-term capital gains tax in the financial year 2016-17. The 1.1 million who have recorded any short-term capital gains tax account for only around one-sixth of active clients, and one-tenth of the demat accounts in existence at the time.  

This is in spite of rising markets in the year under question. The stock market barometer, the S&P BSE Sensex rose 16.9 per cent in 2016-17.

Interestingly, short-term capital gains tax also extends to other