WebJun 14, 2024 · The year-wise CII is as follows: Base year in Cost Inflation Index Base Year is the first year of the Cost Inflation Index ie FY 2001-02 is 100. The index of all years is compared to the base year in order to find the increase in inflation. Latest Cost Inflation Index for FY 2024-23 / AY 2024-24 The section empowers the Central Government to notify the CII for any financial year. In terms of powers conferred under Section 48 of the Income Tax Act, The Central Board of Direct Taxes (CBDT) has notified the cost inflation index (CII) for FY 2024-23 as 331 via a notification dated Notification No. 62/2024 dated … See more Cost Inflation Index is used to calculate the notional increase in the value of an asset due to inflation. The importance of CII is that this … See more Let’s understand the concept of CII about the computation of long-term capital gains under Section 48 of the Income Tax Act, 1961. To calculate capital gains under the Income Tax, Section 48 of the Income-tax act requires a person … See more The CII for various financial years can be referred to from the below table. The Cost Inflation Index for the Financial Year 2024-23 has been notified as 331 and shall form part of the above … See more The base year is the first year of the cost inflation index and has an index value of 100. The index of all other years is compared to the base year to see the increase in inflation … See more

I-T Department Notifies Cost Inflation Index for FY23 For …

WebJun 16, 2024 · Budget 2024 has changed the base year for cost inflation index (CII) for calculating capital gains from 1981-82 to 2001-02. This would in most cases be beneficial for tax payers. The table below shows the Cost Inflation Index Table from FY 2001-02 to present financial year. WebApr 11, 2024 · The Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary Notification No. 62 /2024/F. No. 370142/20/2024-TPL … dickins shiebert solicitors

CII INdex: Cost inflation index for FY 2024-23 used for …

WebJun 13, 2024 · CII or Cost Inflation Index refers to the numbers issued by the Income Tax Department in each year’s budget depicting the level of inflation for the relevant Financial Year. ... Income Tax Return (ITR) Filing FY 2024-22 (AY 2024-23) : How to File ITR Online India. Form 16: What is Form 16? Form 16 Meaning, Format & How to Upload. WebApr 19, 2024 · The Central Board of Direct Taxes every year notifies the Cost Inflation Index rate. This year the Cost Inflation Index (CII) has been notified by the Ministry of Finance. The Finance Minister stated that CII for FY 2024-22 has been set as 317. For the previous financial year, i.e. 2024-21 CII was 301. WebCII number will be required to calculate LTCG for FY 2024-22 for the assets where indexation is allowed before the levy of LTCG tax. The taxes on these gains will be paid by you while filing your income tax returns (ITR) for FY 2024-22. The CBDT Notification pertaining to Cost Inflation Index (CII) For FY 2024-22 is attached here for reference: dickinson xxpa ermox hybrid