Technical Consultancy is a profession specified u/s 44AA(1). What is the definition of Technical Consultancy? Is it provided anywhere?
And does a MBA providing Marketing related consultancy covered u/s 44AA(1) ?
In accordance to section 9 of the Income Tax Act, 1961 ("the Act"), Fees for Technical Services (FTS) is defined as any consideration for the rendering of any managerial, technical or consultancy services" including the provision of services of technical or other personnel.
Dictionary meaning of the same comes to:
Managerial: Services relating to a manager or to the functions, responsibilities, or position of management.
Technical: Services relating to, or involving the practical, mechanical, or industrial arts or the applied sciences.
Consultancy: the act of offering expert or professional advice in a field.
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