tax 'N' accounts people

  • Home
  • Calender
    • FY 2014-15 >
      • April'2014
      • May'2014
    • FY 2013-14 >
      • April'2013
      • May'2013
      • June'2013
      • Feburary' 2014
      • March' 2014
  • Downloads
  • Lifestye
  • Tax Links
  • Profile
  • Services & Clients
  • Quality & Culture
  • Infrastructure
  • Data Security
  • Contact Us
  • Home
  • Calender
    • FY 2014-15 >
      • April'2014
      • May'2014
    • FY 2013-14 >
      • April'2013
      • May'2013
      • June'2013
      • Feburary' 2014
      • March' 2014
  • Downloads
  • Lifestye
  • Tax Links
  • Profile
  • Services & Clients
  • Quality & Culture
  • Infrastructure
  • Data Security
  • Contact Us

Income Tax: Cost Inflation Index For FY-2014-2015 Notified

6/13/2014

0 Comments

 
CBDT has notified the Cost Inflation Index(CII) for Financial Year 2014-15. Complete Notification is Given Below.
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 Year                  Cost Inflation Index
(1)
                         (2)                                       (3)
"34                    2014-15                               1024"

Cost Inflation is required to calculate Long term capital gain under Income Tax Act. Long Term Capital Gains is computed as below : -
LTCG = Full value of consideration received or accruing - (indexed cost of acquisition + indexed cost ofimprovement + 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%.

Cost inflation Index for Financial Year 1981-82 to 2014-15 is given below for your ready reference.
Picture
0 Comments



Leave a Reply.

    tax 'N' accounts people

    Picture
    Picture

    Author

    Tarun Kumar Gupta
    Chartered Accountant
    B.Com, FCA, DISA(ICAI), LLB.

    Picture
    Picture
    Quick Links
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture

    Life style Post

    Picture
    Boys Toys: Drone

    Archives

    August 2018
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013

    Picture

    Categories

    All
    2013
    26as
    3ca
    3cb
    3cd
    80c
    80d
    Aadhaar
    Abatement
    Advance Tax
    Agriculture
    Amendments
    Amnesty
    Assessment
    Audit
    Audit Report
    Automobiles
    Bank
    Bank Audit
    Bank Charges
    Bonus Stripping
    Book
    Budget
    Calculator
    CALENDAR
    Capital Gain
    Capital Gain Scheme
    Carbon Credit
    Case Law
    Cash Transaction
    CBDT
    Celebration
    Cibil
    Circular
    Clarification
    Companies Act
    Corporate Law
    Correction Return
    Credit Card
    Credit Policy
    Cst
    Cst Challan
    Currency
    Customs Duty
    Cyber Laws
    Cyber Security
    Deductions
    Department
    Dividend-distribution-tax
    Dividend Stripping
    Due Date
    Ebook
    Economy
    Efiling
    Emi
    Employee Provident Fund
    Entry Tax
    Epf
    Etrip
    Excise Duty
    Exemption
    Explanation
    Extended
    Faq
    Festival
    Filing Fees
    Finance
    Finance Bill
    Form 16
    Frieght
    Global Warming
    Gold
    Gold-import
    Goods & Service Tax
    Goods Transport Agency
    GST
    Gta
    Guidelines
    Guidence Note
    Hacking
    Hindu Undivided Family
    Holi
    Huf
    Icai
    Import
    Income Tax
    Indexation
    Indian
    Indirect Taxes
    Interest Rate
    Interim-budget-2014
    Itat
    It Office
    Itr Forms
    KYC
    Last Date
    Late Filing
    Lifestyle
    Loan
    Long Term Capital Gain
    Lower-certificate
    Lower-tds
    Luxury Tax
    Mca
    Mediclaim
    Mismatch
    Negative List
    Notification
    Pan
    Penalty
    Pension Fund
    Permanent Account Number
    Public Notice
    Rahat
    Rbi
    React
    Refund
    Reserve Bank
    Respond
    Restaurant
    Return
    Salary
    Sales Tax
    Satsang
    Savings
    Scrutiny
    Security
    Senior Citizen
    Service Tax
    Share Market
    Single-stage-tax
    Small Savings
    St3
    St3cb52ffd2c0
    St3d39e9f3f6f
    Subsidy
    Swachh Bharat Cess
    Tax Challan
    Tax Credit
    Tax Deducted At Source
    Tax Demand
    Tax Deposit
    Tax Planning
    Tax Rate
    Tcs Rate
    Tds
    Tds Certificate
    Tds Correction
    Tds Rate
    Traces
    VAT 15
    VAT-15
    Vat Challan
    Vat Punjab
    Vat Return
    Vces
    Voluntary Compliance Encouragement Scheme
    Wealth Tax
    Worm

    RSS Feed

Powered by Create your own unique website with customizable templates.