Section 44ab read with section 44ad of the i t act 1961

Yes it is applicable

Sir you can opt section 44AD, as turnover is below Rs.2 Crore. However, income would be presumed to be 8% of the total turnover. You won’t be allowed to claim any expense or depreciation. Any deduction allowed under provisions of Section 30 to 38 shall, for the purpose of income computed under this section be deemed to have been already given full effect and no further deduction shall be allowed under these sections.
However, remuneration or interest paid to partners shall be allowed as deduction from the income computed under this section. Such deduction shall be subject to conditions and limits specified u/s 40(b).