After making provisions for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation funds and all other matters for which provision is, under law, necessary or which are usually provided for by banking companies, a Regional Rural Bank may, out of its net profits, declare a dividend.Regional Rural Bank to be deemed to be a co-operative society forpurpose of the Income-tax Act, 1961. 22. Regional Rural Bank to be deemed to be a co-operative society for purpose of the Income-tax Act, 1961.-For the purpose of the Income-tax Act, 1961 (43 of 1961.), or any other enactment for the time being inforce relating to any tax on income, profits or gains, a Regional Rural Bank shall be deemed to be a co- operative society. ----------------------------------------------------------------------S. 20 renumbered as sub-section (1) thereof by Act 81 of 1985, s. 11 (w.e.f. 1-5-1986). 2. Subs. by Act 1 of 1988, s. 12, for certain words (w.e.f. 28-9-1988). 3. Ins. by Act 81 of 1985, s. 11 (w.e.f. 1-5-1986). 273Interest-tax not payable. 23. Interest-tax not payable.- Notwithstanding anything contained in the Interest-tax Act, 1974 (45 of 1974), no Regional Rural Bank shall be liable to pay any tax under that Act.
