Hi, I am a technical consultant and was thinking of filing under section 44 ADA for my income. Basically pay tax for 50% of my total income. When I spoke with a CA, he advised me to not go for this scheme as this can create problems later, since my actual profit will be more than 50%. I looked online and many CA websites share his opinion, their recommendation is to maintain books and then file under regular scheme and not presumptive scheme.
My question would be is it illegal to use presumptive taxation if my profits are above 50%? If that’s the case then the law (44ADA) is pretty meaningless I think. Can someone who has filed under 44ADA please advise?