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of <h1>Understanding Profits in Lieu of Salary: Section 17(3) Income-tax Act Defines Taxable Employment Compensation and Keyman Insurance</h1> Profits in lieu of salary, as defined under section 17(3) of the Income-tax Act, 1961, encompass various forms of compensation related to employment. This includes compensation received due to termination or modification of employment terms, payments from employers or funds excluding certain specified exemptions, and sums from Keyman insurance policies. Additionally, it covers amounts received before commencing or after ending employment with an entity. These definitions are applicable for sections 15 and 16 of the Act, providing clarity on what constitutes taxable income in the context of employment-related payments.
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