Overseas revenue

Kindly suggest the alternative.  During pandemic, assessee quit job and started taking IT jobs by of his own working from home.  Overseas company sends amount in INR directly to his account. No TDS.  So, this has to be construed as business receipts!

Of course you can opt for presumptive taxation. It seems you are asking about an individual, so the section will be 44ADA with a lower limit of 50 lakhs to be eligible.

TDS deduction on its own does not define the nature of the income nor does it define the income as business or profession. The source of the funds (ie from within India or outside) also does not mean much here.

Pretty much all the software related services are eligible for 44ADA and only the IT Training / Cyber Cafe type of activities are counted under 44AD.

So ultimately you need to decide depending on the type of activity and the gross receipts from that activity.

Here's the list of eligible activities with business codes for 44AD and 44ADA:

44AD, with a 2 crore limit of gross receipts
14007 Cyber cafe
14009 Computer training and educational institutes

44ADA, with a 50 lakh limit of gross receipts
14001 Software development
14002 Software consultancy
14003 Data processing
14004 Database activities and distribution of electronic content
14005 Other IT enabled services
14006 BPO services
14008 Repair and maintenance of computing equipment

Yes, you can claim this income under the presumptive taxation scheme u/s 44ADA of the Income Tax Act, 1961.

This scheme will only apply if your gross receipts do not increase Rs. 50 Lakhs. 

44AD is for business other than professionals

44ADA is specifically for professionals.