CBDT notifies “331” as the Cost Inflation Index for Financial Year 2022-23

CBDT notifies “331” as the Cost Inflation Index for Financial Year 2022-23 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 has made the further amendments in the notification of the Government of India (GOI), Ministry of Finance (MOF), Department of Revenue, Central Board of Direct Taxes (CBDT) has notified Cost Inflation Index (CII) for Financial Year 2022-23. The Cost Inflation Index (CII) for Financial Year 2022-23 is "331". Same shall come into force with effect from the 1st day of April 2023 and shall accordingly apply to the Assessment Year 2023-24 and subsequent years.