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of <h1>Cost Inflation Index for FY 2005-06 Set at 497 per Income-tax Act Section 48 Explanation Clause (v.</h1> The Central Government, under the authority of clause (v) of the Explanation to section 48 of the Income-tax Act, 1961, has specified the Cost Inflation Index for the Financial Year 2005-06. This decision considers 75% of the average rise in the Consumer Price Index for urban non-manual employees from April 1, 2004, to March 31, 2005. The Cost Inflation Index for the period from April 1, 2005, to March 31, 2006, is set at 497. This amendment updates the previous notification issued by the Ministry of Finance, Central Board of Direct Taxes, dated August 20, 1998.
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