On April 18, 2022, the Central Government in exercise of the powers conferred by clause (48D) of section 10 of the Income-tax Act, 1961 has notified that the National Bank for Financing Infrastructure and Development, established under section 3 of the National Bank for Financing Infrastructure and Development Act, 2021 for a period of ten consecutive assessment years beginning from the assessment year 2022-2023.
10. Incomes not included in total income:
[(48-D) 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;