CBDT vide Notification No. 31/2022 dated 18th April, 2022 in S.O. 1825(E) notified the National Bank for Financing Infrastructure and Development, established under section 3 of the National Bank for Financing Infrastructure and Development Act, 2021 for the purposes of section 10(48D) of the Income-tax Act, 1961 (‘Act’).
Section 10(48D) provides for income-tax exemption to any income accruing or arising to an institution established for financing the infrastructure and development, set up under an Act of Parliament and notified by the Central Government for the purposes of this clause, for a period of ten consecutive assessment years beginning from the assessment year relevant to the previous year in which such institution is set up.
Clause (48D) of section 10 was introduced in the Act by the Finance Act, 2021. Clause (48D) of section 10 was not present in the Finance Bill, 2021 when the same was introduced in the Parliament on 1st February 2021. It was inserted in the statute by way of government amendments to the Finance Bill, 2021 when the same was passed by the Lok Sabha on 23rd March, 2021.
In this context, the government has notified the National Bank for Financing Infrastructure and Development, established under section 3 of the National Bank for Financing Infrastructure and Development Act, 2021 (17 of 2021), for the purposes of section 10(48D) of the Act for a period of ten consecutive assessment years beginning from the assessment year 2022-2023.
Read the full text of CBDT Notification No. 31/2022 dated 18.04.2022 on Notifying the National Bank for Financing Infrastructure and Development u/s 10(48D)
MINISTRY OF OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 18th April, 2022
INCOME – TAX
S.O. 1825(E).—In exercise of the powers conferred by clause (48D) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies the National Bank for Financing Infrastructure and Development, established under section 3 of the National Bank for Financing Infrastructure and Development Act, 2021 (17 of 2021), for the purposes of the said clause for a period of ten consecutive assessment years beginning from the assessment year 2022-2023.
2. This notification shall come into force from the date of its notification in the Official Gazette.
[Notification No. 31/2022/F. No. 370142/17/2022-TPL]
NEHA SAHAY, Under Secy.
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