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of <h1>India Revises Cost Inflation Index for 2015-16 to 1081 u/s 48 of Income-tax Act, 1961.</h1> The Government of India, through the Ministry of Finance and the Central Board of Direct Taxes, has amended the notification originally issued on August 20, 1998. This amendment introduces a new entry in the cost inflation index table, setting the index for the financial year 2015-16 at 1081. This change is made under the authority granted by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961. The amendment is documented in Notification No. 60/2015, dated July 24, 2015, and published in the Gazette of India.
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