Deduction in respect of income of co-operative societies - Clarification regarding Regional Rural Banks purpose of Section 80P of the Income-tax Act, 1961

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....nance Department of Revenue Central Board of Direct Taxes New Delhi, the 20th September, 2010. Circular No. 6/2010 Eligibility of deduction under Section 80P to Regional Rural Banks Section 80P of the Income Tax Act, 1961 provides for a deduction from the income of cooperative societies referred to in that Section. 2. As Regional Rural banks (RRB) are basically corporate entities (and not c....

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.... Bank. Accordingly, deduction under Section 80P was no more available to any Regional Rural Bank from A.Y. 2007-08 onwards. An OM dated 25-8-2006 addressed to RBI was issued by the Board clarifying that Regional Rural Banks would not be eligible for deduction under section 80P of the Income Tax Act, 1961 from the Assessment Year 2007-2008 onwards. 4. It has been bought to the notice of the Boar....