Notification No. 32/2020 [F.No. 370142/17/2020-TPL] / SO 1879(E)

Last updated: 14 June 2020

Save Share

Quick Summary

The Central Board of Direct Taxes has issued Notification No. 32/2020, updating the Cost Inflation Index (CII). For the financial year 2020-21, the CII has been set at 301. This amendment, made under Section 48 of the Income-tax Act, 1961, comes into effect from 1st April 2021. Consequently, it will apply to the assessment year 2021-22 and all subsequent assessment years.

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 12th June, 2020

Income-Tax

S.O. 1879(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 5^th June, 2017, namely:—

2.In the said notification, in the Table, after serial number 19, the following serial number and entries relating thereto, shall be inserted, namely:—

Sl. No.	Financial Year	Cost Inflation Index
(1)	(2)	(3)
“20	2020-21	301”.

3.This notification shall come into force with effect from 1st day of April, 2021 and shall accordingly apply to the assessment year 2021-22 and subsequent years

[Notification No. 32/2020/F.No. 370142/17/2020-TPL]

ANKIT JAIN, Under Secy. (Tax Policy and Legislation)

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.3266 (E), dated the 12^th September,2019.

FAQ :

The Cost Inflation Index (CII) for the financial year 2020-21 has been updated to 301.

This notification comes into force from 1st April 2021.

The updated index will apply to the assessment year 2021-22 and all subsequent assessment years.

This amendment is made in exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961.

The notification number is S.O. 1879(E), dated 12th June 2020, which is also referred to as Notification No. 32/2020.

Notification No : 32/2020
Source : https://www.incometaxindia.gov.in/communications/notification/notification_32_2020.pdf

163 Views Comment Share Income Tax Report

Notification posted by

CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Comments