Cii of fy 22-23
WebJul 29, 2024 · CBDT had notified Cost Inflation Index (CII) for the FY 22-23 (AY 23-24) as “331”, a rise of 4.4% year on year, 2 nd high since FY16. ... CII of a financial year is notified by the central government, having regard to 75% of the average rise in CPI (Urban) index during the immediately preceding previous year. ... WebSep 16, 2024 · Cost Inflation Index (CII) for PY 2024-20/ AY 2024-21 Notified by CBDT at 289 (Base Year 2001-02) In the case of transfer of short term capital asset, the amount of capital gains can be arrived at by deducting the cost of acquisition/ improvement from the sale consideration. However, in the case of transfer of long term capital asset, capital ...
Cii of fy 22-23
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WebSep 12, 2024 · Financial Year 2024-22: CII Nu mber is 317; Financial Year 2024-23: CII Number is 331; Financial Year 2024-24: CII Number is 348 (You can also use this link to check these rates) So this is the New Series of Cost Inflation Index (CII) From FY 2001-02 … WebJun 15, 2024 · Cost inflation index (CII) is used in Income Tax to give inflation effect to cost for long term capital asset purchased before 1 or 2 or 3 years in different situations and depending on the type of capital asset and as we know with time and inflation value of goods increases, and thus to save people from getting taxed because of increase in value of …
WebThis CII number will be used to arrive at long-term capital gains such as from the sale of debt mutual funds, flat etc. at the time of income tax returns filing for FY 2024-22 or AY 2024-23. As per the notification, CII for FY 2024-22 shall come into effect from April 1, 2024 and will be applicable to assessment year 2024-23 and subsequent ...
WebFeb 19, 2024 · CII for the year in which the asset was first held by the assessee OR F.Y 2001-02 whichever is later . The biggest change from financial year 2024-19 is that the base year is changed from the earlier F.Y. 1981-82 to F.Y. 2001-02. Following table summarizes the Cost Inflation Index from Financial year 2001-02 upto Financial year … WebJun 17, 2024 · The Cost Inflation Index for the FY 2024-23 relevant to AY 2024-24 is 331 for the purpose of computing capital gains. Every year CBDT notifies the CII data for each financial year. In this process, the Cost …
WebJun 28, 2024 · What is CII for FY 2024-22? Last year on June 15, 2024, the Central Board of Direct Taxes (CBDT) has notified the CII for FY 2024-22 as 317. If an individual has sold as asset in FY 2024-22 then to know much long-term capital gains or losses has been accrued, this CII number is used.
WebJun 27, 2024 · The cost of inflation index (CII) for the financial year 2024-22 has been notified by the Ministry of Finance. The ministry has set the Cost Inflation Index FY 202-22 as 317.For the previous FY 2024-21, CII value was 301. The rate of inflation for indexation purposes is specified by the Indian Government for every financial year. grainy caramel fixWebApr 11, 2024 · The CBDT has announced that the ‘Cost Inflation Index (CII)’ in respect of Financial Year 2024-23 (Assessment Year 2024-24) shall be 331, which has been increased from 317 announced earlier for the last year. The CII is used for calculating ‘long term capital gains (LTCG)’ under Income Tax. CBDT announces fresh CII each year … china ocean shipping agency rizhao co ltdWebApr 13, 2024 · Now, the CII was 105 in 2002-03, and when you want to sell the property in FY 2024-22, the CII will be 317, so the Index cost will be (317/105) x 50 = 15,095,200. As a result, the long-term capital gain would be INR 10,095,200 which is equal to the Index cost less the actual price (purchase price). china ocean shipping agency penavico tangshanWebJun 13, 2024 · The Cost Inflation Index (CII) for the financial year (FY) 2024-21 has been notified as 301 by the Ministry of Finance. The notification is dated June 12, 2024. For the previous financial year, i.e. FY 2024-20, CII was 289. china ocean shipping agency fuzhouWebJun 14, 2024 · CBDT notifies Cost Inflation Index for Financial Year 2024-23 at 331 vide Notification No. 62/2024-Income Tax Dated: 14th June, 2024. Ministry Of Finance (Department Of Revenue) (Central Board of Direct Taxes) New Delhi Notification No. 62/2024-Income Tax Dated: 14th June, 2024 china ocean shipping agency haikou co. ltdWebJun 16, 2024 · Now the indexed cost of acquisition will be as per the above formula i.e. Indexed Cost of Acquisition= (Rs.50 lakh/117)*272=Rs.1,16,23,931. So the Long Term Capital Gain=Selling Price-Indexed Cost of buying property=Rs.33,76,069. (Note-As per the below Cost of Inflation Index (CII), the CII rate for FY 2024-18 is 272 and for FY 2005-06, … grainy cartoonWebJun 15, 2024 · Follow @IncomeTaxIndia CBDT notifies the Cost Inflation Index (CII) for Financial Year 2024-2024 vide Notification No. 73/2024 dated 15th June, 2024. The Cost Inflation Index for FY 2024-22 relevant to AY 2024-23 & subsequent years is 317. 10:51 AM - 15 Jun 2024 84 Retweets 191 Likes china ocean shipping agency yantai co. ltd