Indexation for fy 2022-23

CBDT notifies Cost Inflation Index for Financial Year 2022-23 at 331 vide Notification No. 62/2022-Income Tax | Dated: 14th June, 2022. Ministry Of Finance (Department Of Revenue) (Central Board of Direct Taxes) New Delhi Notification No. 62/2022-Income Tax | Dated: 14th June, 2022 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 5 th 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:- TABLE Sl. No. Financial Year Cost Inflation Index (1) (2) (3) “22 2022-23 331” 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. [Notification No. 62 /2022/F. No. 370142/20/2022-TPL] UMME FARDINA ADIL, 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 5 th June, 2017 and was last amended vide S.O. 2336(E) dated 15 th June, 2021.

What is the Cost of Inflation Index from FY 2001-02 to FY 2022-23? CBDT notified the Cost of Inflation Index FY 2022-23 AY 2023-24 for Capital Gain on 15th June 2022. You may be aware that the base year was changed from the earlier FY 1981-82 to FY 2001-02. Change in the Base year for Capital Gain Indexation In Budget 2017, the Government proposed to change the base year to calculate the indexation benefit from 1981 to 2001.Do remember that the change in the base year is across all asset classes but the impact would differ across assets that enjoy indexation benefits on long-term capital gains—real estate, unlisted shares, gold, and bond funds. Up to 31st March 2017, the capital gain was calculated with 1981 as the base year. This means that the purchase price of an asset bought before 1 April 1981 could be calculated on the basis of the fair market value of 1981. However, from 1st Apr 2017, the purchase price will be calculated based on the fair market value of 2001. Accordingly, capital gains on assets acquired before 1 April 2001 will also be calculated using fair market value as of 2001. What is Cost of Inflation Index (CII)? Itis a measure of inflation that is used for computing Long Term Capital Gains (LTCG) on the sale of capital assets as per IT Section.48. It is announced for each Financial Year but not based on Assessment Year. Hence, the applicable rate of CII will be for that particular financial year. To arrive at a capital gain, it is very much important to c...

PDF Print 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 goods as an effect of inflation, CBDT let’s people to adjust cost inflation index to original cost and to include inflation effect while calculating Long term capital gain. Cost inflation index has been announced for F.Y. 2022-23 at 331 and for previous FY 2021-22 it was 317. Indexed cost of acquisition has been explained in section 48 as “an amount which bears to the cost of acquisition the same proportion as Cost Inflation Index for the year in which the asset is transferred bears to the Cost Inflation Index for the first year in which the asset was held by the assessee or for the year beginning on the 1st day of April, 2001, whichever is later” Also proviso to section 48 i.e. Mode of computation of capital gain states the mode when such cost inflation index needs to be used and when it will not be used as “ that where long-term capital gain arises from the transfer of a long-term capital asset, other than capital gain arising to a non-resident from the transfer of shares in, or debentures of, an Indian company referred to in the first proviso, the provisions of clause (ii) shall have effect as if for the words “cos...

On this page • • • • • • • • • • • • • • • • • • • • • • Repayment Rates and Income Thresholds For The 2022-23 Year HELP repayment rates and thresholds from 1 July 2022 for 2022-23 Repayment income Repayment rate Below $48,361 Nil $48,361 to $55,836 1.00% $55,837 to $59,186 2.00% $59,187 to $62,738 2.50% $62,739 to $66,502 3.00% $66,503 to $70,492 3.50% $70,493 to $74,722 4.00% $74,723 to $79,206 4.50% $79,207 to $83,958 5.00% $83,959 to $88,996 5.50% $88,997 to $94,336 6.00% $94,337 to $99,996 6.50% $99,997 to $105,996 7.00% $105,997 to $112,355 7.50% $112,356 to $119,097 8.00% $119,098 to $126,243 8.50% $126,244 to $133,818 9.00% $133,819 to $141,847 9.50% $141,848 and above 10.00% Repayment Rates and Income Thresholds For The 2023-24 Year HELP repayment rates and thresholds from 1 July 2023 for 2023-24 Repayment income Repayment rate Below $51,550 Nil $51,550 to $59,518 1.00% $59,519 – $63,089 2.00% $63,090 – $66,875 2.50% $66,876 – $70,888 3.00% $70,889 to $75,140 3.50% $75,141 to $79,649 4.00% $79,650 – $84,429 4.50% $84,430 – $89,494 5.00% $89,945 – $94,865 5.50% $94,866 – $100,557 6.00% $100,558 – $106,590 6.50% $106,591 – $112,985 7.00% $112,986 – $119,764 7.50% $119,765 – $126,950 8.00% $126,951 – $134,568 8.50% $134,569 – $142,642 9.00% $142,643 – $151,200 9.50% $151,201 and above 10.00% Repayment Rates and Income Thresholds For The 2021-22 Year HELP repayment rates and thresholds from 1 July 2021 for 2021-22 Repayment income Repayment rate Below $47,014 Nil $47,...