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Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2024, detailing the Cost Inflation Index (CII) for the financial year 2024-25 i.e. Assessment Year 2025-26.
The notification specifies that for the financial year 2024-25, the Cost Inflation Index is set at 363. This figure is an increment from the previous years, reflecting the ongoing inflationary trends in the economy. The inclusion of this new index number in the table from the original 2017 notification signifies its application for the new financial year.
This addition ensures that the cost inflation index is up-to-date and relevant for calculating capital gains for the assessment year 2025-26.
The notification will come into effect on April 1, 2025, and will apply to the assessment year 2025-26.
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