Consultant

Tax Glossary Definition

Consultant

A consultant is a professional who provides expert advice or services in a specific field, such as finance, management, or law. For tax purposes, the income earned by a consultant is generally treated as income from “Business or Profession” under the Income Tax Act, and expenses incurred to earn that income are usually allowed as deductions.

Example: A tax consultant earning advisory fees from clients reports the income under “Profits and Gains of Business or Profession” in their ITR

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