Profits in lieu of salary: classification of termination, fund and pre /post employment receipts as taxable income. Profits in lieu of salary includes (i) compensation from an employer or former employer on termination or modification of employment terms; (ii) payments from an employer, former employer or provident or other fund that are not the assessee's contributions or interest, and sums under a Keyman insurance policy including bonuses thereon; and (iii) amounts received from a person before joining or after cessation of employment with that person, whether lump sum or otherwise.