Profit in lieu of salary means any amount received by the employee from the employer due to its employee employer relationship other than normal compensation what he receive from employer.
- The amount of any compensation due to or received by an assessee from his employer or former employer at or in connection with the termination of his employment or modification of his term of employment
- Any payment from Unrecognized Provident Fund( URPF) or such other fund to the extent to which it does not consist of contribution by the assessee or interest on such contribution.
- Any sum received under a keyman insurance policy including the sum allocated by way of bonus on such policy.
- Any other amount from employer except the following:
- Gratuity exempted u/s 10(10)
- House rent allowance
- Retrenchment compensation
- Superannuation fund
- Statutory provident fund or public provident fund
- Recognized provident fund, if does not include contribution of assessee and interest thereon
- Keyman insurance policy and bonus
- Any amount received prior to employment or after the cession of employment
Any received from ex-employer