How to optimise my taxation - Partnership Firm with 50 Lakhs Annual Turnover - Need Advice

Since You opt u/s 44AD and your all transactions are in digital mode only then you can show Rs 5000000 as Turnover and 6% of it( Rs 300000) as Income under Income Tax and your tax liability under Income Tax @ 31.2%(includes HEC) i.e Rs 93600 . As per my option it is better to maintain Books of Accounts and it is also help to prove your Income correctly in Income Tax Return Form and also help to you get an Loan from Bank .

Thank you very much, I missed the crucial step (that's why we need CA's). 

So the Income-tax to be paid is 31.2% of 3,00,000 which is 6% of the total turnover. 
Got it! Thank again @ Jay Chichani!

Section 44AD is not applicable to Professions. It is applicable to Businesses

Section 44ADA is applicable for professional.

@ Laxmin Yes you have to pay an Tax including cess Rs 93600 if you covered u/s 44AD.but you have to check whether your business covered under professionals u/s 44AA then you have to show Income @ 50 % of gross receipts to escape Tax Audit u/s 44AB but Turnover upto 50 lacs is one condition of it.

If you covered under below list then
Gross Receipts/Turnover 5000000
Income computed 2500000
Tax on it 780000
if you don't want to show Income presumptive option u/s 44ADA then you have to maintain Books of Account u/s 44AA and get audit u/s 44AB

Check from below list you covered or not
if you Covered then 44ADA applicable on you otherwise not covered 44AD is applicable on it

Eligible professionals under Section 44ADA

Professionals engaged in the following professions are eligible:

Interior decorations

Technical consulting

Engineering

Accounting

Legal

Medical

Architecture

Other professionals, as mentioned below:

Movie artists includes a producer, editor, actor, director, music director, art director, dance director, cameraman, singer, lyricist, story writer, screenplay or dialogue writer and costume designers

Authorised representative means a person who represents another person for a fee before a tribunal or any authority constituted under any law. It does not include an employee of the person so represented or a person who is carrying on the profession of accountancy

Any other notified professionals

1) First, there is a need to figure out whether AI & ML is business or profession under Income Tax Act

2) If business then 44AD, if profession 44ADA would be applicable

3) If you opt for composition scheme under GST, inter-state (including export) transactions cannot be carried out.

5) Profit after tax can be shared between the partners at agreed proportions

6) Such share of profit is not taxable in the hands of partners

Its better to get accounts audited.
the given descripttion fits as business.

Thank you for a concise but very clear reply. 

The service that we are providing is not our profession, we will be managing a team of software engineers, thus it will be a business. 

44AD is applicable for professionals