Status of entity and its relevant deductions from chapter via

saju sathyadevan (Querist) 06 February 2013 This query is : Resolved
Sir,

"SSS", an entity, has got PAN with first five alphabets as AAALS where fourth letter denotes it as Local Authority (if I am not wrong). This entity is registered with Chhattisgarh Society Registration Act, 1973, and is involved in the work of building "Sulabh Shouchalay" in various rural and urban areas, on contract basis, of various panchayats and municipal corporations. On going through its 26AS an amount of Rs. 50.00 lacs is credited approximately and TDS is deducted u/s 194C in the financial year 2011-12. My Queries are :

1. What is the status of the above business entity. That is, can I calculate income tax at normal rates as applicable to individuals with basic exemption of Rs. 1,80,000.00. Also deductions u/s 80c can be availed or not if its members are not taking the benefit. (Family members comprising of husband, wife, sons and one relative are members of this society with wife as President and Husband as Gen. secretary).

2. Is there any necessary/mandatory to get its accounts audited u/s 44AB as its receipts are less than 60.00 lacs in the F.Y. 2011-12.

3. Can I opt for presumptive taxation (8% of receipts) and file return in Form 4S.

4. In which form I have to file the ITR.

Please guide me as to what all points I have to take care before filing ITR and what all deductions can be availed.

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