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SECTION 48, EXPLANATION (V) OF THE INCOME-TAX ACT, 1961
NOTIFIED COST INFLATION INDEX FOR FINANCIAL YEAR 2008-09
NOTIFICATION NO. 86/2008, DATED 13-8-2008
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, having regard to seventy-five per cent of the average rise
in the Consumer Price Index for the Financial Year commencing from the
1st day of April, 2007 and ending on the 31st day of March, 2008 for
the urban non-manual employees, hereby specifies the Cost Inflation
Index for the Financial Year commencing from the 1st day of April, 2008
and ending on the 31st day of March, 2009 and for that purpose further
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 number S.O.709(E), dated the 20th August, 1998, namely:-
In the
said notification, in the Table, after serial number 27 and the entries
relating, thereto, the following serial number and entries shall be
inserted, namely :-
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