Profit in lieu of salary: Learn all about it!

Section 17(3) gives us an inclusive definition of “Profit in lieu of salary”. As the name suggests, these payments are received by the employee in lieu of or in addition to salary or wages. These payments includes the following: Terminal Compensation Here the termination may be due to Retirement, Premature termination, Resignation or otherwise. The … Continue reading Profit in lieu of salary: Learn all about it!