The Hindu Business Line : Cost inflation index at 447

THE Government has specified the cost inflation index for 2002-03 at 447. This index is specified by the Central Board for Direct Taxes (CBDT) for income-tax purposes, especially for calculation of indexation in respect of long-term capital gains

The cost inflation index for 2001-02 was 426 and for 2000-01 it was 406. The base financial year was 1981-82 when the index was fixed at 100.

ICRISAT: The CBDT has also issued a notification including the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) as an institution of national importance for the purpose of Section 10 (10C). This will mean that the amounts received by the employees of ICRISAT under a VRS scheme will be exempt for assessment year, 2002-03 and subsequent assessment years.

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