National Bank for Financing Infrastructure and Development exempted from Income Tax

The Central Board of Direct Taxes vide notification dated 18th April, 2022 has exempted the National Bank for Financing Infrastructure and Development for a period of ten consecutive assessment years beginning from
the assessment year 2022-2023 from income tax under clause (48D) of section 10 of the Income-tax Act.

The clause provides income tax exemption for 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.