Thursday, April 20, 2023

Cost Inflation Index for the current fiscal year is reported by the IT Department

Delhi, India: For the purpose of calculating long-term capital gains resulting from the sale of immovable property, securities, and jewelry, the income tax department has announced the Cost Inflation Index for the current fiscal year beginning in April 2023.

Taxpayers use the Cost Inflation Index (CII) to calculate gains from the sale of capital assets after adjusting for inflation.

According to a notification from the Central Board of Direct Taxes (CBDT), the Cost Inflation Index for FY 2023-24 that applies to AY 2024-25 was 348.

The income tax department typically notifies CII in June.

The CII number for the most recent fiscal year was 331, and it was 317 for the 2021-2022 fiscal year.
Since costs of merchandise increment over the long run bringing about a fall in the buying power, the CII is utilized to show up at the expansion changed buying cost of resources in order to register available long haul capital additions (LTCG).

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