Profits in lieu of salary defined to include termination, pre- and post-employment payments and certain fund proceeds, with specified exclusions. Clause 18 defines profits in lieu of salary to include compensation on termination or modification of employment, amounts received before joining or after cessation of employment, and payments from an employer or provident or other fund excluding the assessee's contributions or interest; it also includes Keyman insurance proceeds, while excluding specified payments listed in tables of Schedule II and Schedule III.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Profits in lieu of salary defined to include termination, pre- and post-employment payments and certain fund proceeds, with specified exclusions.
Clause 18 defines profits in lieu of salary to include compensation on termination or modification of employment, amounts received before joining or after cessation of employment, and payments from an employer or provident or other fund excluding the assessee's contributions or interest; it also includes Keyman insurance proceeds, while excluding specified payments listed in tables of Schedule II and Schedule III.
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