Presumptive taxation applicability clarified: section 44AA links to section 44AD(4) when income exceeds basic exemption. Substitution of clause (iv) in section 44AA(2) provides that the record-keeping obligation applies where the presumptive taxation provisions under section 44AD(4) are applicable to the taxpayer and the taxpayer's income exceeds the basic exemption threshold; effective from the first day of April, 2017.