Presumptive taxation exemption removes audit obligation for taxpayers under the presumptive scheme with turnover below prescribed limit. A new proviso to section 44AB exempts persons who declare profits under the presumptive scheme of section 44AD from the statutory audit requirement where their total sales, turnover or gross receipts in business do not exceed the prescribed upper threshold, and existing proviso connectors are rephrased to indicate successive provisos with the amendment taking effect from the relevant fiscal commencement and applying to the corresponding assessment year and thereafter.