Profits in lieu of salary defined to include termination, pre- and post-employment payments and certain employer fund distributions.

Profits in lieu of salary includes compensation from an employer or former employer on termination or modification of employment terms; amounts paid to an assessee before joining or after cessation of employment; employer or provident/other fund payments to the extent not comprised of the assessee's contributions or interest; and sums received under a Keyman insurance policy including allocated bonuses. Specific payments listed in certain Schedule II and Schedule III table entries are excluded from this definition.

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