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of <h1>Regional Rural Banks classified as Co-operative Societies u/s 80P for tax deductions per Section 22 of RRB Act.</h1> Regional Rural Banks, governed by the Regional Rural Banks Act, 1976, are to be considered as Co-operative Societies for the purposes of section 80P of the Income-tax Act, 1961. Section 22 of the Regional Rural Banks Act specifies that these banks are deemed Co-operative Societies for income tax purposes. Consequently, deductions under section 80P(2)(a)(i) should be allowed in their income-tax assessments. This information is to be communicated to all relevant officers.
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