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Priya Rao (Querist)
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24 January 2011 Hi, Can anyone please tell me how does a Consultant do tax saving on his professional income - fee received by way of consultation to a financial institution/world bank etc.?

Are consultants taxed at a special rate? Do they need to provide any certificate for holding the consultancy?
Please answer.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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24 January 2011 There is no special rate applicable on consultant. They can get deduction for expenditure expended for consultancy. All the applicable deduction under business & profession applies on professional income of consultant.

Priya Rao

Priya Rao (Querist)
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24 January 2011 Is there any certificate that needs to be submitted along with the ITR, indicating the income as consultancy income and not salary income?
Please help.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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20 September 2011 No certificate is required to be submitted. Simply mentioning consultancy receipts in the ITR is sufficient.

Further, if TDS has been deducted by any person, it must have been deducted u/s 194J which is proof enough of professional receipts.

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