44 AD as applicable from FY 2010-11

A reading of 44AD suggests that "all eligible business"  will have to pay tax @ 8% of turnover. Is it compulsory to take the benefit of this section. Eg an assessee in business of trading of goods has turnover of 30 lacs in FY 2010-11, with a Net profit of say 1 lac will he be attracted by this section and will it be mandatory to go for audit as income reported is less than 8% by the eligible business assessee even if he maintains regular books of accounts as currently?