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Computation of 'Profit in Lieu of Salary' (Sec-17
Computation of 'Profit in Lieu of Salary' (Sec-17
Computationof'ProfitinLieuofSalary'(Sec17(3)
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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
Interestonsuchcontributionor
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(C) any sum received under a Keyman Insurance Policy including the sum allocated by way of bonus on such
policy
(iii)anyamountduetoorreceived,whetherinlumpsumorotherwise,byanyassesseefromanyperson
Offervalidfor48hours
(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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MORETOPICS...
AllowancesUnderSection17(3)underHead'Salary'Income
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Computationof'ProfitinLieuofSalary'(Sec17(3)
Computationof'NetSalary'Income:
DeductionUnderSection80C(HowtoFindOut)
ExemptionSpecifiedinIncomeTaxRulesin'Salary'Income
'Perquisies'and'IncomeTax(TaxableandExempted)Salary:
Computationof'ProfitinLieuofSalary'(Sec17(3)
ComputationofIncomeUnderHead'Salaries'underIncomeTax
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Computationof'ProfitinLieuofSalary'(Sec17(3)
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