Income Tax Department notified Cost Inflation Index for the current financial year
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According to a notification by the Central Board of Direct Taxes (CBDT), the cost inflation index for FY 2023-24 (relevant for assessment year 2024-25) stood at 348. Normally the Income Tax Department notifies CII in the month of June.
New Delhi. The Income Tax Department has notified the Cost Inflation Index (CII) for the financial year beginning April 2023. Taxpayers use this index to calculate long-term capital gains arising from the sale of real estate, securities and jewellery. According to a notification by the Central Board of Direct Taxes (CBDT), the cost inflation index for FY 2023-24 (relevant for assessment year 2024-25) stood at 348. Normally the Income Tax Department notifies CII in the month of June.
The figure was 331 in the last financial year and 317 for 2021-22. Rajat Mohan, Senior Partner, AMRG & Associates, said the Income Tax Department has notified CII three months in advance this year, enabling taxpayers to calculate tax on capital gains accurately in the first quarter of 2023-24 and pay the required advance tax. will be able to do.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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