CBDT notifies ‘National Bank for Financing Infrastructure and Development’ for Sec. 10(48D) exemption
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- Last Updated on 20 April, 2022
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Notification No. 31/2022, dated 18-04-2022
The Finance Act, 2021 has inserted a new section 10(48D) to grant an exemption for any income accruing or arising to an institution established for financing the infrastructure and development. The section also provides that the institution shall be set up under an Act of Parliament and later shall be notified by the Central Government.
The exemption under this section shall be available for a period of 10 consecutive assessment years beginning from the assessment year relevant to the previous year in which such institution is set up.
For the purpose of section 10(48), the Central Board of Direct Taxes (CBDT) has notified the ‘National Bank for Financing Infrastructure and Development (NBFID)’ as infrastructure and development. The exemption shall be available to NBFID for 10 consecutive assessment years beginning from Assessment Year 2022-23.
The NBFID has been established under section 3 of the National Bank for Financing Infrastructure and Development Act, 2021.
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