https://www.taxtmi.com/highlights?id=86124 The Income Tax Bill, 2025 introduces substantive restructuring of "profits in lieu of salary" provisions through Clause 18, replacing Section 17(3) of Income-tax Act, 1961. The revised framework bifurcates compensation treatments for employment termination and modification of terms, while maintaining coverage for pre and post-employment payments. Key changes include a streamlined three-part structure for payments from employers and funds, introduction of schedule-based exclusions replacing complex Section 10 cross-references, and clearer categorization of Keyman insurance policy payments. The amendments provide enhanced clarity for both taxpayers and employers through simplified reference systems and explicit distinction between taxable and non-taxable components, while preserving the fundamental scope of profit in lieu of salary taxation. en-us Fri, 28 Feb 2025 11:52:54 +0530 Fri, 28 Feb 2025 11:52:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=86124 The Income Tax Bill, 2025 introduces substantive restructuring of "profits in lieu of salary" provisions through Clause 18, replacing Section 17(3) of Income-tax Act, 1961. The revised framework bifurcates compensation treatments for employment termination and modification of terms, while maintaining coverage for pre and post-employment payments. Key changes include a streamlined three-part structure for payments from employers and funds, introduction of schedule-based exclusions replacing complex Section 10 cross-references, and clearer categorization of Keyman insurance policy payments. The amendments provide enhanced clarity for both taxpayers and employers through simplified reference systems and explicit distinction between taxable and non-taxable components, while preserving the fundamental scope of profit in lieu of salary taxation. Highlights Bill Fri, 28 Feb 2025 11:52:54 +0530 https://www.taxtmi.com/highlights?id=86124