Sir, what is the presumptive business (itr 4s)

If the annual turnover > 1 crore the assesseee has to get his accounts audited u/s 44 AB

if annual turnover from a business ( whether retail trading or wholesale trading or civil constructions or any other business) < 1 crore ; he can declare an Income @ 8 % of turnover which will be his presumptive Income from the business. [sec 44 AD]

If the actual income is less than the presumptive he can declare such lower income provided he gets his accounts audited.

Also this option of presumptive income is available for a person engaged in the business of plying, leasing or hiring trucks, for which presumptive income is computed using a different method. [sec 44 AE]

presumptive income computed under s. 44 AD nd s. 44 AE are filed on ITR 4 S

I agree with Roshan Paul. but I added further more that if you opted presumtive income scheme then you are not liable to maintained various book of accounts & you are also not required to pay advance tax .