CBDT notifies Cost inflation index (CII) for FY 2023-24 / AY 2024-25
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The Central Board of Direct Taxes (CBDT) has notified the cost inflation index (CII) number for the current financial year 2023-24.
As per the notification dated April 10, 2023, the CII number for the current fiscal is 348. This CII number will be used to calculate the capital gains accrued in the current financial year from the sale of long-term assets.
The CII number is used to calculate the indexed or inflation adjusted cost on a long-term asset in order to calculate the capital gains.
Once the capital gains are calculated, then income tax payable on such gains is calculated. You will need this CII number at the time of filing income tax return (ITR) next year i.e., AY 2024-25.
The CII number for the previous year i.e., for FY 2022-23 was 331.
As per the notification dated April 10, 2023, the CII number for the current fiscal is 348. This CII number will be used to calculate the capital gains accrued in the current financial year from the sale of long-term assets.
The CII number is used to calculate the indexed or inflation adjusted cost on a long-term asset in order to calculate the capital gains.
Once the capital gains are calculated, then income tax payable on such gains is calculated. You will need this CII number at the time of filing income tax return (ITR) next year i.e., AY 2024-25.
The CII number for the previous year i.e., for FY 2022-23 was 331.
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