Minimum Wages Quiz

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Questions and Answers

What elements may be included in the minimum rate of wages fixed or revised by the appropriate Government?

Basic rate of wages and cash values of essential commodities.

Basic rate of wages, overtime pay, and bonuses.

Basic rate of wages, cost of living allowance, and incentives.

Basic rate of wages, cost of living allowance, and cash value of concessions. (correct)

How often may the cost of living allowance be adjusted according to the appropriate Government's directives?

Annually, with a fixed percentage.

As frequently as the local authorities decide.

At intervals and in a manner defined by the Government. (correct)

Monthly, based on quarterly reports.

Which of the following is NOT a method for fixing minimum wages as per the appropriate Government?

Appointing committees for recommendations.

Publishing proposals for public input.

Setting a flat national minimum wage for all sectors. (correct)

Specifying a date for consideration of proposals.

What is the role of the authority appointed by the Government regarding the cost of living allowance?

To compute the cost of living allowance as specified. Signup and view all the answers

In the process of revising minimum wages, the appropriate Government must give stakeholders advance notice of how long?

Two months. Signup and view all the answers

What components can form an all-inclusive rate of minimum wages?

Basic rate, cost of living allowance, and cash values of concessions. Signup and view all the answers

Which additional financial aspect is included in the minimum wage components as per the appropriate Government's regulations?

Cash value of concessions for essential supplies. Signup and view all the answers

What action can the authority take when a Trade Union requests clarification on a balance sheet item?

Direct the corporation to comply with the request Signup and view all the answers

Who can make an application regarding disputes when no Trade Union is present?

The employees involved in the dispute may apply Signup and view all the answers

What must happen before a corporation or company can be directed to provide clarification?

The authority must determine the necessity of the clarification Signup and view all the answers

Under what condition can the provisions of section 47 apply to an employer not being a corporation?

If audited accounts are produced to the relevant authority Signup and view all the answers

What type of auditors are required to audit accounts of employers under the provisions mentioned?

Auditors qualified under the Companies Act, 2013 Signup and view all the answers

Under which circumstance do the provisions of this Chapter apply to a public sector establishment?

If it sells goods or services in competition with a private sector establishment and earns not less than twenty percent of its gross income from such activities. Signup and view all the answers

What is the timeframe for settling wages earned by an employee as per the provisions of this Code?

Eight months from the close of the accounting year. Signup and view all the answers

Which of the following employees is NOT covered by the provisions of this Chapter?

Employees of the Life Insurance Corporation of India. Signup and view all the answers

What is required for the provisions of this Chapter to apply to a public sector establishment?

Sales or services must account for at least twenty percent of the establishment's gross income. Signup and view all the answers

Which establishment is mandated to follow the provisions of the Chapter?

Any public sector establishment meeting the revenue requirement in competition. Signup and view all the answers

Which option represents an exception in the applicability of this Chapter?

Employees registered or listed under any scheme made under the Dock Workers Regulation Act, 1948. Signup and view all the answers

To whom does this code NOT apply in terms of sector-based employment?

Employees directly associated with life insurance services. Signup and view all the answers

In what context does this Chapter explicitly state non-applicability?

Employees working under specific legislative frameworks. Signup and view all the answers

What is the minimum percentage threshold of gross income required for provisions to apply to a public sector establishment?

Twenty percent Signup and view all the answers

What is the significance of the eight-month period mentioned in relation to wages?

It is the maximum delay allowed for employee wage payment. Signup and view all the answers

What is the primary focus of the provisions mentioned for the sixth and seventh accounting years?

Modifying how surpluses are set on or set off Signup and view all the answers

What is required of an employer to consider profits in an accounting year according to the explanation provided?

Provision for depreciation for the current year Signup and view all the answers

What is taken into account when determining the set on or set off for the sixth accounting year?

Allocable surplus from previous years Signup and view all the answers

Which accounting years are involved when calculating the set on or set off for the seventh accounting year?

Fifth, sixth, and seventh accounting years Signup and view all the answers

From which accounting year onward do the provisions of section 36 fully apply to establishments regardless of specific conditions?

Eighth accounting year Signup and view all the answers

What does the requirement for setting off losses pertain to?

Cumulative losses including previous years Signup and view all the answers

What legislation must the employer comply with to account for depreciation according to the given context?

Income-tax Act Signup and view all the answers

What is the status of an employer’s profit if they have not fully set off the arrears of depreciation?

They are not deemed to have derived profit Signup and view all the answers

What action must the Central Government take regarding the set on or set off provisions mentioned?

Prescribe the manner in which set on or set off is made Signup and view all the answers

Which of the following is NOT considered when calculating tax according to the provided guidelines?

Income derived from the establishment for individuals Signup and view all the answers

In the context of tax calculation, how are religious or charitable institutions treated?

As companies with public interest status Signup and view all the answers

Which type of rebate is specifically mentioned as not accounted for in tax calculations?

Any rebate for exports Signup and view all the answers

What must be true about an individual's income concerning tax calculation under the provided guidelines?

It is considered the only income for tax purposes Signup and view all the answers

Which of the following allowances is mentioned as being not accounted for under the tax provisions?

Arrears of depreciation Signup and view all the answers

Which of the following is included in the restrictions on tax calculation?

Losses from previous years Signup and view all the answers

What happens to institutions whose income is exempt from tax?

They are treated like taxable corporations for certain incomes Signup and view all the answers

According to the guidelines, any rebates on which type of income are not counted when calculating tax?

Income derived from exports Signup and view all the answers

Which of the following assertions about calculation on depreciation is correct?

No account is taken of any arrears of depreciation Signup and view all the answers

Which of the following best describes the implications of section 41 provisions for certain institutions?

Their income is subject to regular tax assessments Signup and view all the answers

Study Notes

Minimum Wages

Minimum wage rates set by the government can include a basic rate, cost of living allowance, and/or cash value of concessions on essential commodities.
Cost of living allowances and concession values calculated by an authority appointed by the government at intervals determined by the government.
Minimum wage fixation or revision may involve committees appointed by the government to hold inquiries and recommend changes, or publication of proposals by the government with a two-month notice period.

Procedure for Fixing and Revising Minimum Wages

Government appoints committees for inquiries and recommendations, or publishes proposals with a two-month notice period for public consultation, when fixing or revising minimum wages.

Application of Chapter Provisions to Public Sector Establishments

This chapter will apply to public sector establishments if their income from sales or services meets a certain criteria (e.g., 20% of gross income).

Non-applicability of the Chapter

The provisions of this chapter do not apply to certain employees, such as those employed by the Life Insurance Corporation of India, seamen as defined by the Merchant Shipping Act of 1958, or employees registered or listed under schemes made under the Dock Workers (Regulation of Employment) Act, 1948.

Audit of Employers' Accounts

The audit requirements of the Companies Act of 2013 apply to accounts of employers (non-corporations) if the accounts are presented to an authority, appellate authority, Tribunal or arbitrator.

Appeals

Aggrieved parties can appeal orders from authorities within 90 days, with extensions possible for sufficient cause.
Appellate authorities are appointed by the government.
Appeals are to be decided within three months.
Outstanding dues recovered by the relevant authority.

Records, Returns, and Notices

Every employer must maintain a register of employee details, wages, and other prescribed information.
Employers must display a notice board with details regarding the Code, wage rates, payment schedule, and inspector information

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Description

Test your knowledge about minimum wage regulations, including fixation processes and their application in public sector establishments. This quiz covers key concepts such as basic rates, cost of living allowances, and the role of government-appointed committees.