CBDT notifies Income Tax Cost Inflation Index for Financial Year 2022-23 (Assessment Year 2023-24) vide Notification No. 62/2022 dated 14th June 2022 at 331.
Cost Inflation Index is utilised to calculate the inflation-adjusted cost of asset acquisition for computation of LTCG of assets, this indexation can help to reduce tax liabilities on the same.
Read more about Cost Inflation Index (CII) and Current Cost Inflation Index here: https://taxninja.in/blog/cost-inflation-index-and-current-cost-inflation-index
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 14th June, 2022
Income-Tax
S.O. 2735(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:-
2. In the said notification, in the Table, after serial number 21, the following serial number and entries relating thereto, shall be inserted, namely:—
| Sl. No. | Financial Year | Cost Inflation Index |
| (1) | (2) | (3) |
| “22 | 2022-23 | 331″ |
3. This notification shall come into force with effect from 1st day of April, 2023 and shall accordingly apply to the assessment year 2023-24 and subsequent years.
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 was last amended vide S.O. 2336(E) dated 15th June, 2021.
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