Profits in lieu of salary covers employment-linked compensation, fund receipts, and Keyman insurance payments treated as taxable salary income.

Profits in lieu of salary comprise compensation, pre-employment and post-employment payments, other employer-related receipts, and certain fund or Keyman insurance receipts that are connected with employment and treated as taxable salary income. Employer contributions and related interest in provident or other fund receipts are taxable, while the employee's own contributions and interest on those contributions are excluded from that component. The newer provision also recognizes specified exclusions for life insurance proceeds, recognised provident fund balances, approved superannuation fund payments, and special allowances covered by the relevant schedules.

---

---

---