Tax Audit required or not?

Yes, being business income, there is no exemption u/s. 44AB of the act...

Thanks for your help Sir !!

Since entire income is Exempt under section 10(26) , income is not forming part of computation under the head - business income ,
there is no requirement of tax audit under 44AB.

No sir , no tax audit 44AB required.

Income had bee defined in section 2(24) and business income as income chargeable under 28 which is Nil under this case. So 44AB doesn't apply.