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The Central Board of Direct Taxes specifies the Cost Inflation Index value of 301 for the financial year 2020-21. This value applies to the assessment year 2021-22 and subsequent years. Taxpayers use this index value to compute capital gains under the Income-tax Act, 1961.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th June, 2020 Income-Tax
S.O. 1879(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:—
| Sl. No. | Financial Year | Cost Inflation Index |
|---|---|---|
| (1) | (2) | (3) |
| “20 | 2020-21 | 301”. |
[Notification No. 32/2020/F.No. 370142/17/2020-TPL] ANKIT JAIN, Under Secy. (Tax Policy and Legislation)
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 last amended by the notification number S.O.3266 (E), dated the 12th September,2019.
