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Income from other source

Direct Taxation

Compensation or any other payment received in connection with termination of his employment or modification of the terms and conditions relating to employment is taxable under "Income from other sources "or"Income from Salaries"? Video Details ------------- P3A - Income Tax (New) Chp 4.5 - Income from Other Sources #17. Taxability - Pension, Dividend and Key man insurance policy

Ibrahim Abdulla

CA Inter

★ 3K+

19-Feb-24 21:47

114

Answers (1)

Ideally it should be taxed under salaries. This point is covered in Section 17(3) as profits in lieu of salary and also covered in Section 56(2)(xi) under Income from Other Sources.

Shiva Teja

Faculty

23-Feb-24 13:20

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