Presumptive Taxation

I was reading about the Presumptive Taxation Scheme. Did not understood much though.

Can someone help and explain what does this mean and is there any advantage to equity traders? Can we skip maintaining balance sheets and others accounting stuffs?

Income Tax Link

From ClearTax

I have explained in detail on chapter 7 here: But to make most sense of it, I’d advise you to read from the first chapter.