Profits in lieu of salary - section (New) 18 / (Old) 17(3)

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....Due or received • From current or former employer • In connection with: • Termination of employment • Modification of terms of employment Clause (b): Payments from Prospective or Former Employment • Before joining any employment • After cessation of his employment Clause (c): Other Payments Connected to Employment ....

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...., does not include under section 18(1)(c) • (a) Schedule II (Table: Sl. No. 3) - Any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy.;  • (b) Schedule II (Table: Sl. No. 4) - The accumulated balance due and becoming payable to an employee participating in a recognised provident fund to th....

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..../after job Taxable 18(1)(c)(i) Other employer payments Any time Taxable 18(1)(c)(ii) Fund payments On withdrawal Partly taxable 18(1)(c)(iii) Keyman insurance On receipt Taxable 18(2) Specified exclusions - Not taxable Section 17(3) of Under Income Tax Act, 1961 [ upto 31.03.2026] "Profits in lieu of salary" refers t....

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....gnized Provident Fund • any payment, due to or received by an assessee from an employer or a former employer or from a provident or other fund, • to the extent to which it does not consist of contributions by the assessee or interest on such contributions,   • BUT excludes amounts already exempt under:  • Section 10(....