Persons who are engaged in a profession that is eligible and whose turnover does not exceed Rs. 50 lakhs can opt for the presumptive taxation scheme u/s 44ADA. They will have to declare 50% or a higher percentage of gross turnover or gross receipts as taxable income. No expenses will be allowed further. This amount will be chargeable to tax under the head “Profits and gains of business or profession”. The taxpayer can declare higher profits but it cannot be less than 50% of gross turnover.