Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Cost Inflation Index for FY 2020-21 is ‘301’ as notified by CBDT

The Central Board of Direct Taxes (CBDT) notifies the Cost of Inflation Index (CII) every year. It is used to compute long-term capital gains/losses wherein the cost of acquisition/improvement is indexed with reference to the applicable CII of the relevant year. The CBDT has notified ‘301’ as CII for the Financial Year 2020-21.
CII for the Financial Year 2020-21 shall be used to compute long-term capital gains or losses on the capital assets which have been or planned to be sold during the financial Year 2020.21. The CII for the last financial year, i.e., the financial year 2019-20 was 289.

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