Income Tax : This guide explains the concept, calculation formula, and notified values of CII from 2001-02 to 2025-26, as per CBDT. A must-read...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
Income Tax : Explore how changes in the Finance Act impact tax on long-term and short-term capital gains through revised indexation rates. Insi...
Income Tax : Budget 2024 removes indexation benefits for long-term capital gains on immovable properties, reducing tax rate but increasing the ...
Income Tax : The removal of indexation for LTCG under the Finance Bill 2024 introduces complexities. Taxpayers can choose between 12.5% without...
Income Tax : Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the...
Finance : Prime Minister Manmohan Singh has said inflation would come down to 5-6 percent by December and projected an 8.5 percent economic ...
Fema / RBI : The Reserve Bank of India might change its bias towards softening interest rates into a more cautious outlook but is expected to ...
Income Tax : The Tribunal held that year of acquisition is determined by payment and handing over of possession under Section 2(47)(v), not by ...
Income Tax : Analysis of ITAT Delhi's ruling in Bushra Javed Vs ACIT: Indexation benefits for acquisition costs based on payment year. Read the...
Income Tax : ITAT Chennai dismisses the revenue's appeal in Easwari Sukanya Krishnan Vs. ITO, upholding the indexation benefit as per the juris...
Income Tax : Assessee was entitled to the benefit of indexation on the total cost of acquisition from the year of allotment of flat dehors the ...
Income Tax : Lakshman M. Charanjiva Vs ITO (ITAT Mumbai) Indexation benefit against the cost of acquisition shall be available to the assessee ...
Income Tax : Ministry of Finance announces amendment to Section 48 of the Income-tax Act, 1961, introducing a new cost inflation index effectiv...
Income Tax : The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2...
Income Tax : CBDT notifies the Cost Inflation Index for the financial year 2023-24, i.e., Assessment Year 2024-25, at 348, vide Notification No...
Income Tax : CBDT notifies Cost Inflation Index for Financial Year 2023-24 at 348 vide Notification No. 21/2023-Income Tax Dated: 10th April, 2...
Income Tax : CBDT notifies Cost Inflation Index for Financial Year 2022-23 at 331 vide Notification No. 62/2022-Income Tax | Dated: 14th June, ...
Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the Cost Inflation (CII) Index calculator which automatically calculates Indexed cost of your asset. In the calculator You just have to fill the Year of Sale, Year of Purchase , Cost of Purchase/Acquisition/Improvement and Index if sale is made in financial year 2011-12 or later. Cost Inflation Index for financial Year 2011-12 is 785 and for financial year 2012-13 the Index will be announced somewhere in August 2012.
The Reserve Bank of India has, today, placed on its website a technical paper on ‘Inflation Indexed Bonds” for public comments. Comments on the technical note may be forwarded to the Chief General Manager, Internal Debt Management Department, Reserve
Notification No. 59/2010-Income Tax 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 amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes number S.O. 2292(E), dated the 9th September, 2009, namely:-
Prime Minister Manmohan Singh has said inflation would come down to 5-6 percent by December and projected an 8.5 percent economic growth for this fiscal.
This article summarizes a recent ruling of the Special Bench (SB) of the Mumbai Income Tax Appellate Tribunal (ITAT) [ITA No. 7315/Mum/2007] in the case of DCIT vs. Manjula Shah (Taxpayer) which held that, in the case of gifted capital asset, indexation benefit is available to a donee from the year of its acquisition by the previous owner. The SB adopted a purposive construction of the definition of ‘Indexed Cost of Acquisition’ (ICOA) by looking at the scheme of the Indian Tax Law (ITL), which seeks to grant the benefit of cost and holding period of the previous owner to the donee.
The assessee transferred a capital asset which was received by her by way of gift on 1.2.2003. The previous owner had acquired the capital asset on 29.1.1993. In computing capital gains, the assessee claimed that the indexed cost of acquisition had to be worked out by taking the date of acquisition by the previous owner.
Notification No : 67/2009 – Income Tax 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 amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O.709(E), dated the 20th August, 1998, namely
The Reserve Bank of India might change its bias towards softening interest rates into a more cautious outlook but is expected to keep key policy rates unchanged in the monetary policy review on Tuesday. At the same time, banking sources close to the development said the central bank could raise its growth target from 5-6 per cent […]
Central Government, having regard to seventy-five per cent of the average rise in the Consumer Price Index for the Financial Year commencing from the 1st day of April, 2007 and ending on the 31st day of March, 2008 for the urban non-manual employees, hereby specifies the Cost Inflation Index for the Financial Year commencing from the 1st day of April, 2008 and ending on the 31st day of March, 2009
