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Date: 12-Jun-2023 Category: Extra Ordinary State: Union Government Country: India

Notification under 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 published in the Gazette of India, Extraordinary, vide number S.O. 1790(E) dated 05.06.2017

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification issued by the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, announces an amendment to the Income-tax Act, 1961, specifically concerning the Cost Inflation Index (CII).

Key Changes

  • A new serial number is inserted into the table of the original notification S.O. 1790(E) dated June 5, 2017.
  • The Cost Inflation Index for the financial year 2023-24 is specified as 348.
  • This notification becomes effective from April 1, 2024, and applies to the assessment year 2024-25 and subsequent assessment years.

Impact Analysis

Taxpayers

  • This will affect the indexed cost of acquisition and improvement, potentially reducing the capital gains tax liability.

Tax Professionals

  • They should advise clients on how this change impacts their tax planning and compliance.

Central Board of Direct Taxes (CBDT)

  • CBDT should ensure that the updated information is readily available to taxpayers and tax professionals through official channels.

Suggested Action Items

  • CBDT should disseminate information about the updated CII through its website and other communication channels.

Key Entities Referenced

Income-tax Act, 1961: The primary legislation governing income tax in India, which is being amended by this notification. Central Board of Direct Taxes (CBDT): A body under the Department of Revenue, Ministry of Finance, responsible for the administration and implementation of direct tax laws in India. Ministry of Finance (Department of Revenue): The government ministry responsible for financial matters, including taxation. Notification S.O. 1790(E), dated 5th June, 2017: The original notification that is being amended by this current notification. Notification S.O 1692(E), dated 10th April, 2023: The notification that last amended the principal notification.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-12062023-246459 xxxGIDHxxx CG-DL-E-12062023-246459 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 2458] नई दिल्ली, सोमिार, िनू 12, 2023/ज्य ष्े ठ 22, 1945 No. 2458] NEW DELHI, MONDAY, JUNE 12, 2023/JYAISHTHA 22, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केन्द्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 12 िून, 2023 आय-कर का.आ. 2571(अ).—केन्द्रीय सरकार, आय-कर अजधजनयम, 1961 (1961 का 43) की धारा 48 के स्ट्पष्टीकरण के खंड (v) द्वारा प्रित्त िजियों का प्रयोग करते हुए, भारत के रािपत्र, असाधारण म ें सखं यांक का.आ. 1790(अ), तारीख 5 िून, 2017 द्वारा प्रकाजित भारत सरकार, जित्त मंत्रालय (रािस्ट्ि जिभाग) केन्द्रीय प्रत्यक्ष कर बोडड की, अजधसूचना म ें जनम्नजलजखत और संिोधन करती ह,ै अर्ाडत:्-- 2. उि अजधसूचना की, सारणी म ें क्रम स.ं 22 के पश्चात,् जनम्नजलजखत क्रम संखया और उससे संबंजधत प्रजिजष्टयां अंतःस्ट्र्ाजपत की िाएंगी, अर्ातड ् :-- 3694 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] सारणी क्रम सं. जित्तीय िर्ड लागत मुरास्ट्फीजत सूचकांक (1) (2) (3) “23 2023-24 348” । 3. यह अजधसूचना 1 अप्रलै , 2024 स े प्रभािी होगी और तिनसु ार, जनधाडरण िर् ड 2024-2025 तर्ा पश्चातिती जनधाडरण िर्ों के संबंध म ेंलाग ूहोगी । [अजधसूचना स.ं 39/2023/फा. स.ं 370142/5/2023-टीपीएल] रमन चोपडा, संयक्ु त सजचि टटप्पण : मलू अजधसूचना, भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखंड (ii) म ें अजधसूचना स.ं का.आ. 1790(अ), तारीख 5 िून, 2017 द्वारा प्रकाजित की गई र्ी और अजधसचू ना स.ं का.आ.1692(अ), तारीख 10 अप्रैल, 2023 द्वारा अंजतम बार संिोजधत की गई र्ी । MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th June, 2023 INCOME-TAX S.O. 2571(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 22, the following serial number and entries relating thereto, shall be inserted, namely:- TABLE Sl. No. Financial Year Cost Inflation Index (1) (2) (3) “23 2023-24 348”. 3. This notification shall come into force with effect from the 1st day of April, 2024 and shall, accordingly, apply to the assessment year 2024-25 and subsequent assessment years. [Notification No. 39/2023/F. No.370142/5/2023-TPL] RAMAN CHOPRA, Jt. Secy. 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 1692(E), dated the 10th April, 2023. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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