Notification No. 73/2021 [F.No.370142/10/2021-TPL] / SO 2336(E)

What it does

Under clause (v) of the Explanation to section 48 of the Income-tax Act, 1961, the Central Government further amends the cost inflation index notification S.O. 1790(E) dated 5 June 2017. In the Table of that notification, after serial number 20 a new entry is inserted at serial number 21 giving a Cost Inflation Index of 317 for the financial year 2021-22. The notification comes into force with effect from 1 April 2022 and applies to assessment year 2022-23 and subsequent years.

Who it reaches

persons transferring long-term capital assets in the financial year 2021-22
tax practitioners computing indexed cost of acquisition and improvement
assessing officers verifying long-term capital gains computations

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.

Under the 1961 Act	Now
s.3	s.3
s.48	s.2, s.72

The instrument, as the Board published it

The department publishes this one only as a PDF, so the words below were read out of that PDF by machine. That reading can carry its own mistakes — a misread number, a broken line. Check the signed document before you rely on a figure in it.

MINISTRY OF FINANCE
(Department Of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 15th June, 2021
INCOME-TAX
S.O. 2336(E). 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 hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, vide number S.O. 1790(E), dated the 5th June, 2017, namely:-
2. In the said notification, in the Table, after serial number 20, the following serial number and entries relating thereto, shall be inserted, namely:-
TABLE
Sl. No. Financial Year Cost Inflation Index
(1) (2) (3)
" 21 2021-2022 317".
3. This notification shall come into force with effect from 1st day of April, 2022 and shall accordingly apply to the Assessment Year 2022-2023 and subsequent years.
[Notification No. 73/ 2021/F.No.370142/10/2021-TPL]
KAMLESH CHANDRA VARSHNEY, Jt. Secy. (Tax Policy and Legislation)
Note:- The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O.1790(E) dated 5th June, 2017 and was last amended vide S.O. 1879 (E) dated 12th June, 2020.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.

From when

1 April 2022.

What to watch

It comes into force on 1 April 2022 and applies from assessment year 2022-23, matching the assessment year for transfers made in financial year 2021-22.
Only one entry is added; the earlier indices in the Table, as amended up to S.O. 1879(E) dated 12 June 2020, stand unchanged.
Indexation is available only where the Act permits it for the asset and the transfer in question; the notification supplies the figure and nothing more.

Where you meet it

In the capital gains schedule of the return for assessment year 2022-23, wherever indexed cost of acquisition or improvement is computed.

An example

Ours, not the Board’s: a worked case built from the rule the instrument sets, to show how it falls out.

For a long-term capital asset transferred in the financial year 2021-22, the indexed cost of acquisition is worked out using 317 as the index for the year of transfer, against the index notified for the year in which the asset was acquired.

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

Notification No. 94/2026 [F. No. 370142/24/2026-TPL] / G.S.R. 646(E) : Income-tax (Second Amendment) Rules, 2026 : Amendment of rule 157 of the Income tax Rules, 2026 to align the definition of the specified fund with rule 114AAB of the Income tax Rules, 1962 — Ministry of Finance 21 July 2026
Notification No. 64 — [भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 7 16 April 2026
Notification No. 63/2026 [F. No. 370142/13/2026-TPL]/ GSR 268(E) — 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(i)] 10 April 2026
Notification No. 62/2026 [F. No. 370142/10/2026-TPL]/ GSR 267(E) — Ministry of Finance 10 April 2026
Notification No. 61/2026 [F. No. 370142/9/2026-TPL] / GSR 266(E) — [भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 10 April 2026
Notification No. 60/2026 [F. No. 370142/8/2026-TPL]/ GSR 265(E) — 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(i)] 10 April 2026

← Notification No. 1 of 2021 · Notification No. 72/2021 [F. No.300196/15/2020-ITA-I] / SO 2246(E) →

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.

What this is