I work as an independent contract for a company in India that provides services, and I expect to mak

1) Can I choose presumptive taxation? The reason I'm asking is because I work from home and my business expenses are minimal, mainly consisting of essentials like internet, electricity, mobile connection, and office supplies. Here's a breakdown of my expenses: - I spend a maximum of 10 to 15K per month (approximately 1.8 Lac per annum) on office-related expenses. - I spend around 50K for maintenance, which may or may not happen. - I allocate 5L per annum for my kids' education fees. - Insurance costs me approximately 50K per annum. - Overall, my expenses amount to approximately 8L per annum, which is roughly 15% of my income. Considering that my expenses are less than 50%, would you recommend opting for presumptive taxation (44ADA) or something else? 2) Let's assume I choose presumptive taxation and I only spend 15% of my gross income, leaving 46.75L in my bank account. Will the income tax department audit my bank account and send a notice stating that I filed taxes under presumptive, but my profit exceeds 50% (i.e., 85% in my case), so I need to pay tax for the remaining 35%? How does this process work? 3) If you recommend filing my taxes under a different taxation scheme, please let me know which one and also provide an approximate tax liability based on the given ballpark figures.