India - Income Tax Act 2010 - Saarc

1.153 CH. IV - COMPUTATION OF TOTAL INCOME FROM SALARIES S. 17(3)(iii) “gross total income” shall have the same meaning as in clause (5)of section 80B;]20[* * *]21(3) “profits 22 in lieu of salary” includes—(i) the amount of any compensation 22 due to or received by anassessee from his employer or former employer at or in connectionwith the termination of his employment or the modificationof the terms and conditions relating thereto;(ii) any payment (other than any payment referred to in clause (10)23[, clause (10A)] 24 [, clause (10B)], clause (11), 25 [clause (12)26[, clause (13)] or clause (13A)] of section 10), due to or receivedby an assessee from an employer or a former employer or froma provident or other fund 27 [* * *], to the extent to which it does notconsist of contributions by the assessee or 28 [interest on suchcontributions or any sum received under a Keyman insurancepolicy including the sum allocated by way of bonus on suchpolicy.Explanation.—For the purposes of this sub-clause, the expression“Keyman insurance policy” shall have the meaning assigned to itin clause (10D) of section 10;]29[(iii) any amount due to or received, whether in lump sum or otherwise,by any assessee from any person—(A) before his joining any employment with that person; or(B) after cessation of his employment with that person.]20. Sub-clause (vi) along with consequential amendments in sub-clauses (iv) and (v), omittedby the Finance Act, 1985, w.e.f. 1-4-1985. Original sub-clause was inserted by the TaxationLaws (Amendment) Act, 1984, w.e.f. 1-4-1985. Amendment thus never came into operation.21. See also Letter F. No. 35/26/64-IT(B), dated 25-5-1964. For details, see Taxmann’s MasterGuide to Income-tax Act.22. For the meaning of the terms “profits” and “compensation”, see Taxmann’s Direct TaxesManual, Vol. 3.23. Inserted by the Finance (No. 2) Act, 1965, w.r.e.f. 1-4-1962.24. Inserted by the Finance Act, 1975, w.e.f. 1-4-1976.25. Substituted for “or clause (12)” by the Direct Taxes (Amendment) Act, 1964, w.e.f.6-10-1964.26. Inserted by the Finance Act, 1995, w.e.f. 1-4-1996.27. Words “(not being an approved superannuation fund)” omitted, ibid.28. Substituted for “interest on such contributions” by the Finance (No. 2) Act, 1996, w.e.f.1-10-1996.29. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.