8/19/2016

Computationof'ProfitinLieuofSalary'(Sec17(3)

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ProfitinLieuofSalary

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1.5."PROFITSINLIEUOFSALARY"INCLUDES
(i)Theamount of any compensation due to or received by an assessee from his employer or former employer at or in
connectionwith...
(A)theterminationofhisemploymentor
(B)themodificationofthetermsandconditionsrelatingthereto
(ii)Anypaymentduetoorreceivedbyanassessee..
(A)fromanemployeroraformeremployeror
(B)fromaprovidentorotherfundtotheextenttowhichitdoesnotconsistofcontributionsbytheassesseeor
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(C) any sum received under a Keyman Insurance Policy including the sum allocated by way of bonus on such
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(iii)anyamountduetoorreceived,whetherinlumpsumorotherwise,byanyassesseefromanyperson

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(A)beforehisjoininganyemploymentwiththatpersonor

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(B)aftercessationofhisemploymentwiththatperson.]
exceptions:thefollowingreceiptswillnotbeconsideredfortheseclauses.
anydeathcumgratuityitischargeableundersection17(1)(iii).
Commutedvalueofpensionitischargeableundersection17(1)(ii).
Retrenchmentcompensation:itischargeableundersubsection(i)ofsection17(3)above.
Paymentfromastatutoryprovidentfund:aprovidentfundtowhichprovidentfundact,1925appliesorhasbeensetup
andnotifiedbythecentralgovernment,suchreceiptisfullyexemptu/s10(11).

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Computationof'ProfitinLieuofSalary'(Sec17(3)

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Computationof'ProfitinLieuofSalary'(Sec17(3)

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