02 June 2016
profits in lieu of salary" includes— (i) 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 the modification of the terms and conditions relating thereto ; (ii) any payment, other than any payment referred to in clause (10) 1[clause (10A)] clause (11) or clause (12) 2[or clause (13A)] of section 10, due to or received by an assessee from an employer or a former employer or from a provident or other fund (not being an approved superannuation fund), to the extent to which it does not consist of contributions by the assessee or interest on such contributions.
02 June 2016
in simple words does it means that the gratuity that my employer pays which gets accumulated every year or the EPF contribution from the employer part is included in "Profits in Lieu of Salary" ?
Please confirm. every year I see this amount in my form 16, but do not understand what it actually means.
CAclubindia
