Section 44ab

Yes, Ofcourse you have to get your accounts audited under section 44AB of Income Tax Act. Please refer sec 44AB of Income Tax Act.

Can you please explain?

sec44AB will be applicable only when gross receipts or turnover of business exceeds 1 crore

since in this case gross receipts does not exceed 1 crore sec44AB will not be applicable
as a result accounts need not be audited under Income tax act

if net profit less than 8% of turnover than books of account audited so it shall be applicable

as per section 44AB if assessee carrying on business specified in 44AD, 44AE, 44BB, 44BBB and he declared his income lower than income as specified there in then his accounts are required to be audited and more over section 44AD will be applicable only to individual, HUF, firm (excluding LLP)

since it is a clearly a company, 44AD will not be applicable in this case.
As a result
1. 8% limit won't applicable
2. gross receipts condition i.e. one crore will be applicable

since gross receipts does not exceed 1 crore accounts need not be audited

As per section 44AB, Tax Audit required if person 

• In case of Carrying on Business, if his total sales, turnover or gross receipts exceed 1 cr.
• In case of carrying on Business, if person claims that his total income lower than deemed profits under section 44AE or Section 44BB orsection 44BBB
• In case of carryingng on Profession, if his gross receipts in profession exceed 25 lakh.
• In case of Carrying on the Business, if person claims that income is lower than deemed profit under section 44ADand his income exceeda the maximum amount which is not chargeable to income Tax in any P.Y..

Not required to get your accounts audited u/s 44AB as turnover is less than 1 crore and 44AD section is not applicable to companies.