WebJun 15, 2024 · The CII for FY2024-23 relevant to assessment year (AY) 2024-24 is 331. The Central Board of Direct Taxes (CBDT) has notified the cost inflation index (CII) for … 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 number is used to arrive at the inflation-adjusted cost price of assets transferred for computing long-term capital gains. There are two things that individuals need to keep in mind … 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 … 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 … 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 table as a line item in S.No. 22. The same … See more
Cost Inflation Index - Overview of CII, Calculation Table
WebDec 2, 2024 · CII for the year 2001- 02 and 2016- 17 is 100 and 264, respectively. Things to Keep in Mind About CII in India. The following points need to keep in mind about CII in India are as follows:-If you obtain the … WebJun 15, 2024 · 317″. 3. This notification shall come into force with effect from 1st day of April, 2024 and shall accordingly apply to the Assessment Year 2024-2024 and subsequent years. [Notification No. 73/2024/F.No.370142/10/2024 -TPL] KAMLESH CHANDRA VARSHNEY, Jt. Secy. (Tax Policy and Legislation) Note:- The principal notification was published in … fit anything
Cost Inflation Index FY 2024-22 / AY 2024-23 - ReLakhs.com
WebJun 15, 2024 · The Cost Inflation Index (CII) for the Financial Year (FY 2024-22) and AY 2024-23 is 317. For the previous FY 2024-21, the CII Number was 301. The CII Number for the last 5 financial years is FY2024-22 (CII is 317),… Read More Cost Inflation Index (CII) FY2024-22 is 317 WebApr 12, 2024 · The CII number for the previous year (FY 2024-23) was 331. How is the CII utilised in a person’s income tax calculation? The cost inflation index is a number that accounts for inflation when calculating the profit made from selling an asset. This number is used to calculate long-term capital gains when selling a house, land, or building. WebJun 14, 2024 · The Cost Inflation Index (CII) for AY 2024-24 / FY 2024-23 is 331. How indexed cost of acquisition is calculated? Indexed cost of acquisition is calculated by the following formulae: Cost Inflation Index from Financial Year 2001-02 to 2024-22. SattvaCFO provides Management Reporting and Business Plan Preparation services. … can fetus recognize a mother\u0027s voice