CBDT notifies ‘National Bank for Financing Infrastructure and Development’ for Sec. 10(48D) exemption
- Blog|News|Income Tax|
- < 1 minute
- By Taxmann
- |
- Last Updated on 20 April, 2022
Latest from Taxmann
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.
Click Here To Read The Full Notification
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
