Amendment status not verified — confirm the current text below against the official source.
(1) For the purposes of this Part, "profits in lieu of salary" includes,-- (a) the amount of any compensation due to, or received by, an assessee from his employer or former employer at or in connection with the-- (i) termination of his employment; or (ii) modification of the terms and conditions relating thereto; (b) any amount due to, or received, whether in lump sum or otherwise, by any assessee from any person-- (i) before his joining any employment with that person; or (ii) after cessation of his employment with that person; (c) any payment due to or received by an assessee-- (i) from an employer or a former employer; or (ii) 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; or (iii) any sum received under a Keyman insurance policy as defined in Schedule II (Note 1), including the sum allocated by way of bonus on such policy. (2) The payment referred in sub-section (1)(c) shall not include any payment referred to in-- (a) Schedule II (Table: Sl. No. 3); (b) Schedule II (Table: Sl. No. 4); (c) Schedule II (Table: Sl. No. 8); and (d) Schedule III (Table: Sl. No. 11).