Minimum Wages Quiz

Legally mandated lowest rate of pay for workers.

Fixed wage component in minimum wage.

Adjustment to minimum wage based on cost of living.

Discounts on essential goods to workers.

Setting minimum wage rates, either through committees or public announcements.

Updating minimum wage rates based on economic factors.

Government's method of announcing proposed minimum wage changes for public review.

When calculating tax for an employer, losses from previous years carried forward under direct tax laws ARE NOT included.

When calculating tax for an employer, any delayed depreciation allowance carried forward under the Income-tax Act ARE NOT included.

Charitable institutions with exempt income are treated like publicly-held companies for tax purposes.

When calculating tax for individuals or Hindu undivided families, only income from the establishment is considered.

Tax calculations EXCLUDE rebates received on income from exporting goods out of India.

Tax calculations EXCLUDE most rebates EXCEPT for development rebates, investment allowance, development allowance, tax credits, and deductions.

Tax calculations EXCLUDE any rebates received for industrial development under direct tax laws or Finance Acts EXCEPT for development rebates.

For the sixth and seventh years after an employer starts selling goods or services, the surplus allocation rules from Section 36 apply with special modifications.

The allocable surplus for the sixth year is set on or set off based on the excess or deficiency from the fifth and sixth years.

The surplus for the seventh year is adjusted based on the excess or deficiency from the fifth, sixth, and seventh years.

Starting from the eighth year, the surplus allocation rules from Section 36 apply regularly.

An employer can only be considered profitable if they have deducted depreciation allowed by the Income-tax Act.

To be considered profitable, an employer must have fully offset past years' depreciation and losses against current profits.

An employer must set off any depreciation and losses from previous years before claiming profit.

To calculate profit, an employer must deduct depreciation allowed by the Income-tax Act and set off past years' depreciation and losses.

The Income-tax Act dictates the depreciation allowed for calculating profit.

If a public sector establishment competes with a private sector establishment by selling goods or services, and its income from such activities reaches at least 20% of its gross income, the wage provisions applicable to private sector establishments will also apply to this public sector establishment.

This particular chapter's wage regulations do not apply to employees of the Life Insurance Corporation of India, seamen as defined in the Merchant Shipping Act, and employees registered or listed under any scheme made under the Dock Workers (Regulation of Employment) Act.

Wages earned by an employee must be paid within eight months from the close of the accounting year.

The accounting year is the 12-month period used by a company for financial reporting and accounting purposes.

Gross income is the total income of a business before any deductions for expenses or taxes.

An organization that is owned and operated by the government.

An organization that is owned and operated by private individuals or companies.

In the context of these provisions, competition refers to situations where a public sector establishment sells goods or services that are the same or similar to those offered by private sector establishments.

The twenty per cent threshold is the crucial point where the wage regulations for the private sector start applying to a public sector establishment. This is because if the public sector establishment's income from competing activities reaches 20% of its gross income, it's considered to be significantly involved in the private sector market.

It is the total income earned by the establishment from all its activities before deductions for expenses or other costs.

When a trade union or employees request clarification on an employer's financial records (balance sheet or profit and loss account), the relevant authority can order the employer to provide the clarification.

If a bonus dispute between an employer and employees goes to an authority, and the employer's accounts have been audited by a qualified auditor, the rules for providing financial information are similar to those for corporations and companies.

When a bonus dispute goes to an authority, the employer's accounts, audited according to the Companies Act, are examined to clarify financial details.

The rules for providing financial information to authorities in bonus disputes (Section 47) apply to employers who aren't corporations or companies as well, if their accounts are audited by qualified auditors.

When an employer's accounts are audited according to the Companies Act, the rules in Section 47 for providing financial information in bonus disputes apply to them.