Cost inflation index under Income Tax Act with base year as 2001 is 100 and Cost Inflation Index for the year 2017-18 is 272.
Refer CBDT notification dated 05th June 2017:
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TEXES)
NOTIFICATION
New Delhi, the 5th June, 2017
INCOME-TAX
S.O. 1790(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 specifies the Cost Inflation Index as mentioned in column (3) of the Table for the Financial Years mentioned in the corresponding entry in column (2) of the said Table, namely:—
|
Sl.No.
|
Financial Year
|
Cost Inflation Index
|
|
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
|
|
12
|
2013-14
|
220
|
|
14
|
2014-15
|
240
|
|
15
|
2015-16
|
254
|
|
16
|
2016-17
|
264
|
|
17
|
2017-18
|
272
|
2. This notification shall come into force with effect from 1st day of April, 2018 and shall accordingly apply to the assessment year 2018-19 and subsequent years.
[Notification No. 44/2017/F.No.370142/11/2017-TPL]
ABHISHEK GAUTAM, Under Secy. (Tax Policy & Legislation)
Oh my god! Cost Inflation Index in on such an increasing pace since last many years. My income tax return is already sent and waiting for refunds now. Will invest money in some fixed deposits or bonds as suggested by our financial advisor.
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