What is Profit in lieu of Salary?

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.