Regional Rural Banks are deemed co-operative societies under RRB Act and eligible for Section 80P deduction.
Regional Rural Banks are deemed co-operative societies under RRB Act and eligible for Section 80P deduction. Issue Whether a Regional Rural Bank (RRB) is entitled to claim deduction under Section 80P of the Income-tax Act, 1961, despite the insertion of Section 80P(4) which restricts deductions for co-operative banks. Facts The assessee, a Regional Rural Bank… Read More »