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News INCOME TAX

  • Jun 15, 2022
  • Income Tax department notifies cost inflation index for current fiscal

    The Income Tax Department has notified the cost inflation index for the current fiscal to calculate long-term capital gains arising from the sale of immovable property, securities and jewellery. The cost inflation index (CII) is used by a taxpayer to compute gains arising out of the sale of capital assets after adjusting for inflation.

    The Cost Inflation Index for FY 2022-23 relevant to AY 2023-24 is 331.

    AMRG & Associates Senior Partner Rajat Mohan said the CII will help taxpayers to compute long-term capital gains tax, enabling them to remit advance tax on time.