The Income Tax Department has officially announced the Cost Inflation Index (CII) for the financial year 2025-26, setting it at ‘376’. This pivotal index serves as a fundamental mechanism for taxpayers, playing a crucial role in calculating long-term capital gains (LTCG) on the sale of various assets, thereby directly impacting […]
Tag: Income Tax
Income Tax Dept Notifies Cost Inflation Index For FY 2025–26: What It Means For Your LTCG Tax
The Income Tax Department has officially unveiled the Cost Inflation Index (CII) for the financial year 2025–26, a critical announcement poised to significantly impact taxpayers, particularly those navigating Long Term Capital Gains (LTCG) tax. This index serves as an indispensable tool, specifically designed to adjust the cost of acquiring assets […]
Raskin: I’d Prefer Raising Taxes on Others over ‘Symbolic Consolation Prize’ of Ending Taxes on Tips
Representative Jamie Raskin (D-MD) recently offered a nuanced yet firm perspective on ongoing tax reform discussions, particularly challenging the notion of eliminating taxes on tips. Speaking on CNN’s “The Arena,” Raskin articulated a clear preference for a more robust and progressive income tax system, viewing targeted tax breaks for tipped […]
Cost Inflation Index (CII) for FY 2025-26 (AY 2026-27) notified by Income Tax Department: Know its applicability for LTCG tax calculation
The Income Tax Department has officially announced the Cost Inflation Index (CII) for the fiscal year 2025-26, corresponding to the assessment year 2026-27. This crucial notification is a significant development for taxpayers, particularly those engaged in the sale of long-term capital assets such as real estate, equity shares, or mutual […]