Income from foreign country as consultancy fees

No, its not tax exempt for Indian Residents. You have to declare it as profits from PGBP; by filling ITR 4 or ITR 4S (for FY 2016-17 onwards).

Thank you sir. What is PGBP and what if the consultancy is received in indian rupees will it also be treated as PGBP and follow ITR4 or ITR4S for FY 2016-17?

Its Profits & Gains from Business and/or Profession. 

Yes.

ITR 4S, if eligible u/s. 44ADA