KNOWLEDGE BANK FROM B KANAGA SABAPATHY
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Message from B. Kanaga sabapathy 10.08.2023
COST INFLATION INDEX OF FY-2022-2023?
Question :
In the notification dt. 14.06.2022, the CBDT has announced the following :
S.no. Financial year Cost Inflation Index
22 2022 – 23 331
This notification shall come into force with effect from 1st day of April 2023*, and shall accordingly apply to the Assessment year 2023 – 24 and subsequent years.
My doubt is, whether it is 1st day of April 2023 or 2022. There seems to be a typing mistake or clerical error in the gazette.
Opinion :
• It is not a mistake. The cost inflation index of 331 is effective from the Assessment year 2023 – 24 i.e. from 01.04.2023 onwards.
• It is to be applied for all sale transactions done during 2022 – 23.
With best wishes,
B. KANAGA SABAPATHY
bkvaluer@gmail.com
www.bkanagasabapathy.com
About the Author:-
- Mr. B. Kanaga Sabapathy born in 1951, is a Civil Engineer who belongs to the 1972 batch of Regional Engineering College, Tiruchirappalli in Tamilnadu.
- He is a Registered valuer of the Central Board of Direct Taxes, a Professional Engineer and also a Chartered engineer. Valuation is his main profession..
- He was the National Vice-President of the Institution of Valuers (India) for 11 terms.
- He is a regular contributor of articles in the Indian Valuer Journal from the year 1985. His articles especially his regular column “Questions & Opinions” are very popular among the practising valuers in India.
- His book “Guidelines on Valuation for Banks” (2002) is used to be referred by many banks. The valuation formats designed by him were accepted and adopted as the formats by many banks in the country.
- His son K. Arun and daughter B.K. Aruna are also approved valuers and they also contribute articles to the Indian valuer journal.
- His guru: Mr. C.H. Gopinatha Rao, Chennai.
- His mentor: Mr. R.K. Gandhi, Mumbai.
- His role model: Mr. S. Rajaratnam, Chennai.
- His best students: Thousands of valuers in the country
