tax audit applicability

If Business transactions do not cross 1 cr. Audit u/Sec. 44AB  not applicable.

So, No........

As every company has to maintain books of accounts u/s 44AA of the Income Tax Act, 1961, it can substantiate profit below 8% and declare the same.

Since the turnover of the business is less than 1 Crore i.e. 70 Lakhs, the provison of Section 44AB is not attracted in this case.