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MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 15th June, 2021 INCOME-TAX S.O. 2336(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
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FAQ :
The Cost Inflation Index for the Financial Year 2021-2022 has been set at 317.
This notification shall come into force with effect from the 1st day of April, 2022.
This new index will apply to the Assessment Year 2022-2023 and subsequent assessment years.
This amendment was made in exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961.
The Cost Inflation Index is used to adjust the cost of an asset for inflation when calculating capital gains tax.
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Notification No : 73/2021Published in Income Tax
Source : https://www.incometaxindia.gov.in/communications/notification/notification_73_2021.pdf