I-T dept notifies Cost Inflation Index for current fiscal

I-T dept notifies Cost Inflation Index for current fiscal: The Income Tax Department has notified the Cost Inflation Index (CII) for the current fiscal beginning April 2023, for calculating long-term capital gains arising from the sale of immovable property, securities, and jewelry.

April 2023 Current Affairs Quiz

CII is used by taxpayers to compute gains arising out of the sale of capital assets after adjusting for inflation. The Cost Inflation Index for FY 2023-24 relevant to AY 2024-25 stood at 348.

It is notified under the Income-tax Act, 1961 every year.