According to Section 17(3) Income Tax,

It includes the following:

  1. Compensation received on termination of employement,
  2. Compensation received on modification of terms of employement,
  3. Payment received by employee from provident or other fund (It does not includes employee's contribution or interest on such contribuition.
  4. Any sum received from KEYMAN Insurance Policy including Bonus from such  policy
  5. 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.
  6. 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.

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 13 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.