Explain the provisions relating to presumptive taxation scheme for assesses engaged in eligible professionals u/s 44 ADA of the Income Tax Act, 1961.

The provisions relating to presumptive taxation scheme for assesses engaged in eligible professionals u/s 44ADA of the Income Tax Act, 1961 are as follows: Section 44ADA of the Income Tax Act, 1961 has been inserted to provide for estimating the income of an assessee engaged in any profession referred in section 44AA(1) such as legal, medical, engineering or architectural, accountancy, technical consultancy, interior decoration or any other profession as is notified by the Board. The gross receipts should not exceed ₹50 lakhs during the financial year. Presumptive Income shall be estimated @ 50% of the total gross receipts. Deductions u/s 30 to 38 shall not to be allowed from such income (including interest and remuneration to partners in case of partnership firm). Assessee is not required to maintain books of accounts u/s 44AA and gets the accounts audited u/s 44AB unless it claims that the profit and gains from the profession is lower than the deemed profit and gains and its income exceeds the maximum amount which is not chargeable to income tax.