44AD compound business

Yes........ for next five years !!!

No. You aren't required to get an audit done.

Originally posted by : Dithin Mathew
	but sir Audit compulsory if the turnover crossed 1Crore under 44ab? right ? I am bit confused!!!

Yes, provided you had not opted sec. 44AD in any preceeding year (for at least five continuous years)

on the next year l want to opt out 44ad with a turnover of 80 lakh. Do I have to audit my books of accounts ?

You can opt 44 AD if your turn over is 80 lakh in the FY 2018-19 no need for Audit as per incme tax 

Tax audit for Business   

1. If total sales, turnover or gross receipts exceeds Rs. 1 Crore in any previous year, in case of business; or

Note: Provided that this section is not applicable to the person, who opts for presumptive taxation Scheme under Section 44AD and his total sales or turnover does not exceed Rs 2 crores.