For professionals, the option to choose presumptive taxation scheme under section 44ADA is available, wherein, only 50% of the gross receipts is considered as taxable profit. However, the scheme is available only if the total gross receipts during the year does not exceed Rs. 50 lakhs. In your case, the gross receipts would exceed Rs. 50 lakhs and thus, presumptive taxation scheme would not be available.
Anyways, if you choose to work as a professional consultant, it would be better since you would be able to claim the deduction of expenses incurred for the purpose of profession and thus, you would be paying less tax as compared to getting the same income in the form of salary. You would be required to get your books of accounts audited from a CA if you choose to work as a consultant, since your gross receipts would be exceeding Rs. 50 lakhs.
(An example of expense which can be claimed as a deduction- A proportion of rent paid for your home, which can be said to be attributable to your home office from where you would be conducting your profession.)
With some planning, the tax liability can be substantially reduced. There are other ways through which the benefit of presumptive taxation under section 44ADA can be availed even if the gross receipts exceed Rs. 50 lakhs. For a detailed discussion regarding the same, you may contact me on "Eight Nine Seven Six Six Three Nine Two Nine Four".