Gsoftnet
Showing posts with label Cost of Index Chart. Show all posts
Showing posts with label Cost of Index Chart. Show all posts

Cost Inflation Index for Fin. Year 2015-16

9:03 AM  Dharmen  

Recently, CBDT has issued notification regarding Cost Inflation Index(CII) for Financial Year 2015-16. Cost Inflation Index is required when assessee calculate Long term capital gain under Income Tax Act.

The CBDT notification regarding Notified Cost Inflation Index for Financial Year 2015-16 is as under :

SECTION 48, EXPLANATION (v) OF THE INCOME-TAX ACT, 1961 - CAPITAL GAINS - COMPUTATION OF - NOTIFIED COST INFLATION INDEX FOR FINANCIAL YEAR 2015-16

Notification No. 60 /2015/F.No.142/10/2015-TPL DATED 24-07-2015

In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (42 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:—

2. In the said notification, in the Table, after serial number 34 and the entries relating thereto, the following serial number and entries shall be inserted, namely:—
Sl. No. Financial yearCost Inflation Index
352015-161081


How to Calculate Long Term Capital Gains?

LTCG = Full value of consideration received or accruing - (indexed cost of acquisition + indexed cost of improvement + cost of transfer)

Where, Indexed cost of acquisition =Cost of acquisition x CII of year of transfer /CII of year of acquisition

Indexed cost of improvement =Cost of improvement x CII of year of transfer /CII of year of improvement

CII = Cost Inflation Index (Please see chart given below)

Tax liability on LTCG to be taken at 20%.

If total income other than LTCG is less than zero slab,LTCG over the zero slab only attracts tax at 20%.

Updated last 33 years Cost Inflation Index (Click Here)
Read More

Notified Cost Inflation Index for Financial Year 2014-15 and Asstt. Year 2015-15.

7:46 AM  Dharmen  

CBDT has notifies "1024" as Cost Inflation Index(CII) for Financial Year 2014-15. Cost Inflation Index is required when assessee calculate Long term capital gain under Income Tax Act.

The CBDT notification regarding Notified Cost Inflation Index for Financial Year 2014-15 is as under :
SECTION 48, EXPLANATION (v) OF THE INCOME-TAX ACT, 1961 - CAPITAL GAINS - COMPUTATION OF - NOTIFIED COST INFLATION INDEX FOR FINANCIAL YEAR 2014-15

NOTIFICATION NO. 31/2014 [F. NO. 142/3/2014-TPL], DATED 11-6-2014

In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (42 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:—

2. In the said notification, in the Table, after serial number 33 and the entries relating thereto, the following serial number and entries shall be inserted, namely:—
Sl. No. Financial yearCost Inflation Index
342014-151024


How to Calculate Long Term Capital Gains?

LTCG = Full value of consideration received or accruing - (indexed cost of acquisition + indexed cost of improvement + cost of transfer)

Where, Indexed cost of acquisition =Cost of acquisition x CII of year of transfer /CII of year of acquisition

Indexed cost of improvement =Cost of improvement x CII of year of transfer /CII of year of improvement

CII = Cost Inflation Index (Please see chart given below)

Tax liability on LTCG to be taken at 20%.

If total income other than LTCG is less than zero slab,LTCG over the zero slab only attracts tax at 20%.

Updated last 33 years Cost Inflation Index (Click Here)
Read More

Latest Cost Inflation Index for Assessment Year 2014-15

5:10 AM  Dharmen  

CLAUSE (V) OF THE EXPLANATION TO SECTION 48 OF THE INCOME TAX ACT, 1961 (43 OF 1961)
CAPITAL GAINS - COMPUTATION OF - NOTIFIED COST INFLATION INDEX FOR FINANCIAL YEAR 2013-14

CBDT has declared Cost Inflation Index for Financial Year 2013-14.  If Taxpayee have invest more than one year Short-Term Capital Assets then he needs of Cost Inflation Index value to calculte capital gain, cost of acquisition and cost of improvement may be indexed, if required, on the basis of following cost inflation index notified by the Central Government for this purpose. The assets having more than 3 years period consider as Long Term Capital Gain.

S.O. 1464(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 amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:-

2. In the said notification, in the Table, after serial number 32 and the entries relating thereto, the following serial number and entries shall be inserted, namely:-
Sl. No. Financial yearCost Inflation Index
332013-14939


How to Calculate Long Term Capital Gains?

LTCG = Full value of consideration received or accruing - (indexed cost of acquisition + indexed cost of improvement + cost of transfer)

Where, Indexed cost of acquisition =Cost of acquisition x CII of year of transfer /CII of year of acquisition

Indexed cost of improvement =Cost of improvement x CII of year of transfer /CII of year of improvement

CII = Cost Inflation Index (Please see chart given below)

Tax liability on LTCG to be taken at 20%.

If total income other than LTCG is less than zero slab,LTCG over the zero slab only attracts tax at 20%.

See last 32 years Cost Inflection Index
Read More

Calculat LTGC & Chart of Cost Inflation Index For Asstt. Year 2013-14

12:48 PM  Dharmen  

CBDT has declared awaited Cost Inflation Index for Financial Year 2012-13. The CII is used in claculation of Long Term Capital Gain on Sale of Capital Consideration. If you have invest more than one year Short-Term Capital Assets then you in need of Cost Inflation Index Chart for computing long-term capital gain, cost of acquisition and cost of improvement may be indexed, if required, on the basis of following cost inflation index notified by the Central Government for this purpose. The assets having more than 3 years period consider as Long Term Capital Gain.
Calculation of Long Term Capital Gains (LTCG))

Long Term Capital Gains is computed as below :

LTCG = Full value of consideration received or accruing - (indexed cost of acquisition + indexed cost of improvement + cost of transfer)

Where, Indexed cost of acquisition =Cost of acquisition x CII of year of transfer /CII of year of acquisition

Indexed cost of improvement =Cost of improvement x CII of year of transfer /CII of year of improvement

CII = Cost Inflation Index (Please see chart given below)

Tax liability on LTCG to be taken at 20%.

If total income other than LTCG is less than zero slab,LTCG over the zero slab only attracts tax at 20%.

The following chart showing 32 years Cost of Inflection Index:


Gsoftnet www.gsoftnet.blogspot.com
Cost Inflation Index Chart
Sl. No.
Financial Year
CII= Cost Inflation Index
Sl. No.
Financial Year
CII= Cost Inflation Index
1
1981-82
100
17
1997-98
331
2
1982-83
109
18
1998-99
351
3
1983-84
116
19
1999-00
389
4
1984-85
125
20
2000-01
406
5
1985-86
133
21
2001-02
426
6
1986-87
140
22
2002-03
447
7
1987-88
150
23
2003-04
463
8
1988-89
161
24
2004-05
480
9
1989-90
172
25
2005-06
497
10
1990-91
182
26
2006-07
519
11
1991-92
199
27
2007-08
551
12
1992-93
223
28
2008-09
582
13
1993-94
244
29
2009-10
632
14
1994-95
259
30
2010-11
711
15
1995-96
281
31
2011-12
785
16
1996-97
305
32
2012-13
852
Read More

Latest Cost of Inflation Index Chart of Assessment Year 2013-14

10:52 PM  Dharmen  

CBDT has declared awaited Cost Inflation Index for Financial Year 2012-13. The CII is used in claculation of Long Term Capital Gain on Sale of Capital Consideration. If you have invest more than one year Short-Term Capital Assets then you in need of Cost Inflation Index Chart for computing long-term capital gain, cost of acquisition and cost of improvement may be indexed, if required, on the basis of following cost inflation index notified by the Central Government for this purpose. The assets having more than 3 years period consider as Long Term Capital Gain.
→ Latest Cost Inflaction For Asstt. Year 2014-15 →  Free Download Income Tax Calculator for Asstt. Year 2014-15 →  Easy way to View PAN Ledger → How to pay Interest u/s.234A, 234B, 234C





Calculation of Long Term Capital Gains (LTCG))

Long Term Capital Gains is computed as below :

LTCG = Full value of consideration received or accruing - (indexed cost of acquisition + indexed cost of improvement + cost of transfer)

Where, Indexed cost of acquisition =Cost of acquisition x CII of year of transfer /CII of year of acquisition

Indexed cost of improvement =Cost of improvement x CII of year of transfer /CII of year of improvement

CII = Cost Inflation Index (Please see chart given below)

Tax liability on LTCG to be taken at 20%.

If total income other than LTCG is less than zero slab,LTCG over the zero slab only attracts tax at 20%.

The following chart showing 32 years Cost of Inflection Index:


Gsoftnet www.gsoftnet.blogspot.com
Cost Inflation Index Chart
Sl. No.
Financial Year
CII= Cost Inflation Index
Sl. No.
Financial Year
CII= Cost Inflation Index
1
1981-82
100
17
1997-98
331
2
1982-83
109
18
1998-99
351
3
1983-84
116
19
1999-00
389
4
1984-85
125
20
2000-01
406
5
1985-86
133
21
2001-02
426
6
1986-87
140
22
2002-03
447
7
1987-88
150
23
2003-04
463
8
1988-89
161
24
2004-05
480
9
1989-90
172
25
2005-06
497
10
1990-91
182
26
2006-07
519
11
1991-92
199
27
2007-08
551
12
1992-93
223
28
2008-09
582
13
1993-94
244
29
2009-10
632
14
1994-95
259
30
2010-11
711
15
1995-96
281
31
2011-12
785
16
1996-97
305
32
2012-13
852



Read More