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.

  1. Income Tax
  2. Income from Salaries
Ask Download

About the Author

Davneet Singh's photo - Teacher, Computer Engineer, Marketer
Davneet Singh
Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 8 years. He provides courses for Maths and Science at Teachoo. You can check his NCERT Solutions from Class 6 to 12.