CBDT notified the Cost Inflation Index for Financial Year 2023-24 is 348 - Myitronlinenews
Central Board of Direct Taxes (CBDT) in the exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), has notified the Cost Inflation index of Financial Year (FY) 2023-24.
The Central Board Of Direct Taxes (CBDT) notified the Cost Inflation Index (CII) of FY 2023-24 as 348. The official notification is explained below:
Ministry of Finance
(Department of Revenue)
(Central Board of Direct Taxes)
New Delhi
Notification No. 21/2023-Income Tax
Dated: 10th April, 2023
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S.O. 1692(E).In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, vide number S.O. 1790(E), dated the 5th June, 2017, namely:-
CBDT notifies 348 as Cost Inflation Index for FY 2023-24
In the said notification, in the TABLE, after serial number 22, the following serial number and entries relating thereto, shall be inserted, namely:-
TABLE
|
S. No. |
Financial Year |
Cost Inflation Index (provisional)Cost Inflation Index (provisional) |
|---|---|---|
|
(1) |
(2) |
(3) |
|
“23 |
2023-24 |
348”. |
This notification shall come into force with effect from the 1st day of April, 2024 and shall, accordingly, apply in relation to the assessment year 2024-25 and subsequent assessment years.
[Notification No. 21 /2023/F.No.370142/5/2023-TPL] RAMAN CHOPRA, Jt. Secy.
Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 1790(E), dated the 5th June, 2017 and last amended by the notification number S.O 2735(E), dated the 14th June, 2022.
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Cost Inflation Index (CII) from Financial Year 2001-02 To 2023-24
The CII for various financial years can be referred to from the below table:
|
S. No. |
Financial Year |
Cost Inflation Index (CII) |
|---|---|---|
|
1 |
2001-02 |
100 |
|
2 |
2002-03 |
105 |
|
3 |
2003-04 |
109 |
|
4 |
2004-05 |
113 |
|
5 |
2005-06 |
117 |
|
6 |
2006-07 |
122 |
|
7 |
2007-08 |
129 |
|
8 |
2008-09 |
137 |
|
9 |
2009-10 |
148 |
|
10 |
2010-11 |
167 |
|
11 |
2011-12 |
184 |
|
12 |
2012-13 |
200 |
|
13 |
2013-14 |
220 |
|
14 |
2014-15 |
240 |
|
15 |
2015-16 |
254 |
|
16 |
2016-17 |
264 |
|
17 |
2017-18 |
272 |
|
18 |
2018-19 |
280 |
|
19 |
2019-20 |
289 |
|
20 |
2020-21 |
301 |
|
21 |
2021-22 |
317 |
|
22 |
2022-23 |
331 |
|
23 |
2023-24 |
348 |
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How Cost Inflation Index Is Calculated?
The prescribed formula to calculate the inflation cost price is - (CII of the year of sale/CII for the year of purchase)*Actual cost price.
Let’s assume that Mr. Rohan purchased a house for RS. 30,00,000 in the year 2000 and sold it for Rs. 45,00,000. The accumulated profit made over the years by Mr. Rohan is Rs. 15,00,000.
The cost inflation index in the year 2000 was 389 and 582 in the year 2009.
Therefore, the CII = 582/389 = 1.49
The government had stated in the budget 2017 that the base year (earlier 1981) will be replaced with 2001 due to the challenges in receiving the relevant details by taxpayers.
Also, Read: "Analysis of 8th GST Notifications on 31st March 2023".
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Krishna Gopal Varshney
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