CBDT notifies Cost Inflation Index (CII) for the Financial Year-2020-21

COST INFLATION INDEX

The cost inflation index (CII) for the Financial Year 2020-21 has been notified by the Central Board of Direct Taxes (CBDT) vide notification no. 32/2020 dated 12th June, 2020. This notification shall come into force with effect from 1st April, 2021 and shall accordingly apply to the assessment year 2021-22 and subsequent years.

Cost Inflation Index is very significant as it is used to arrive at the inflation adjusted purchasing price of assets and thereby long-term capital gains (LTCG). It is very important to compute the long-term capital gains/long-term capital loss.

The Central Board of Direct Taxes (CBDT) has notified Cost Inflation Index for the Financial Year-2020-21 as “301”.

Here is the table showing all the Cost Inflation Index (CII) numbers since 2001-02:-

Sr. No. Financial Year Cost Inflation Index (CII)
1 2001-02 100
2 2002-03 105
3 2003-04 109
4 2004-05 113
5 2005-06 117
6 2006-07 122
7 2007-08 129
8 2008-09 137
9 2009-10 148
10 2010-11 167
11 2011-12 184
12 2012-13 200
13 2013-14 220
14 2014-15 240
15 2015-16 254
16 2016-17 264
17 2017-18 272
18 2018-19 280
19 2019-20 289
20 2020-21 301

To get official notification please click here-Notification No.-32/2020

To read more articles please click here-Tax Brainly

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