whether audit applicable

No, the above quoted provision shall be applicable if you use ITR-4.

Originally posted by : JAYKISHAN PATEL
	you mean to say if I file ITR-3 with lower than 8% or 50% profit (without maintaining Accounts) then also it is correct. ???

ITR 3 and ITR 4 are the two forms applicable to taxpayers earning income from business and profession. Where ITR 3 applies to income from business profession, salary and other sources; ITR 4 applies to taxpayers who opt for declaring income under the presumptive scheme. Here are some more interesting facts about these ITR forms.

Originally posted by : JAYKISHAN PATEL
	you mean to say if I file ITR-3 with lower than 8% or 50% profit (without maintaining Accounts) then also it is correct. ???

Yes. If you opt for presumptive taxation subject to the eligible nature of your business then you have to file your return through ITR-4 and in that case only 8%, 50% applicable.