Proffit In Lieu Of Salary

Any payment received or due in addition to your salary or wages from your employer is called profit in lieu of salary. Section 17 (3) of income tax act defines profit in lieu of salary as follows; "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 … [Read more...] about What is profit in lieu of Salary – Section 17(3) of Income Tax Act