According to Section 17(3) Income Tax,
It includes the following:
- Compensation received on termination of employement,
- Compensation received on modification of terms of employement,
- Payment received by employee from provident or other fund (It does not includes employee's contribution or interest on such contribuition.
- Any sum received from KEYMAN Insurance Policy including Bonus from such policy
-
Any amount, whether in lumpsum or otherwise, due to the assessee or received by him, from any person -
(a) before joining employment with that person, or
(b) after cessation of his employment with that person. - Any other sum received by the employee from the employer
Note:- Definition of Salary includes Profit in lioeu of Salary.
Hence all these above mentioned types od incomes are taxable under Income from Other Sources.
