Emoluments - Definition / Legal Terminology - Income Tax

Explanation.(iii) -For the purposes of section 80JJAA and For the purposes of section 80JJAA of the Income tax Act 1961,- Emoluments means- any sum paid or payable to an employee in lieu of his employment by whatever name called, but does not include- (a) any contribution paid or payable by the employer to any pension fund or provident fund or any other fund for the benefit of the employee under any law for the time being in force; and (b) any lump-sum payment paid or payable to an employee at the time of termination of his service or superannuation or voluntary retirement, such as gratuity, severance pay, leave encashment, voluntary retrenchment benefits, commutation of pension and the like.