Urgent income tax query

Vaibhav Kumar Agrawal (Service) (150 Points)

02 November 2012  

Friends I have a query regarding Presumptive Income i.e section 44AD of Income Tax Act. Consider the following information for previous year ended 31.03.2012

Sales Rs 45,00,000

Net Profit as per P/L A/c Rs 1,80,000

Income from other sources Rs 1,00,000

Deduction U/S 80c Rs 20,000

Other info: Senior citizen assessee and books of accounts maintained.

Now my question is whether tax audit required for the assessee??

Please support your answers with reasons

Thanks in advance...reply awaited...