Section 18 — Profits in lieu of salary

(1) For the purposes of this Part, “profits in lieu of salary” includes,—
( a) the amount of any compensation due to, or received by, an assessee from
his employer or former employer at or in connection with the—
( i) termination of his employment; or
( ii) modification of the terms and conditions relating thereto;
( b) any amount due to, or received, whether in lump sum or otherwise, by
any assessee from any person—
( i) before his joining any employment with that person; or
( ii) after cessation of his employment with that person;
( c) any payment due to or received by an assessee—
( i) from an employer or a former employer; or
( ii) from a provident or other fund, to the extent to which it does not
consist of contributions by the assessee or interest on such contri-
butions; or
( iii) any sum received under a Keyman insurance policy as defined in
Schedule II (Note 1), including the sum allocated by way of bonus
on such policy.
(2) The payment referred in sub-section (1)(c) shall not include any payment referred
to in—
( a) Schedule II (Table: Sl. No. 3);
( b) Schedule II (Table: Sl. No. 4);
( c) Schedule II (Table: Sl. No. 8); and
( d) Schedule III (Table: Sl. No. 11).