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.
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 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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