The Payment of Wages Act

Tuesday, May 29th, 2018 Amritesh no responses

Payment of Wages Act was introduced in 1936 with the objective of protecting the interest of the Individuals employed in Establishments and Factories. The Payment of Wages Act is aimed at ensuring that the Employees receive the due payments on time at regular intervals without any unauthorized deductions. The Act is examined from time to time and amended in view of changes in the economic scenario to protect the interest of the employees/wage earners. Thereby, it ensures that the salary/wage is paid regularly and without any undue deductions. Minimum Wages Act The Payment of Wages Act attempts to eliminate any such malpractices adopted by the Employer/Establishment to deprive the Employee of the rightful wage and ensure uniformity in payment of…

Minimum Wages Act,1948

Saturday, December 31st, 2016 Amritesh 2 responses

  Minimum Wages Act envisages to fix minimum standard wage in scheduled employments thereby protecting the interest of the wage earners. The Act aims to eradicate the exploitation of labour at the hands of the respective employers. The Act also provides provision for maximum daily working hours, periodic rest day and also overtime wages. It lays out provision to protect the interest of the employees and provide them with minimum wage deemed ideal to sustain themselves and their dependents.   Coverage and Applicability Minimum Wages Act extends to whole of India and is applicable to all the establishments employing one or more Individuals included under the Scheduled Employment list. Every Employee working in any scheduled employment is covered under the…

Income from Salaries: Tax Implications

Sunday, August 28th, 2016 Amritesh 2 responses

“Salary” is any remuneration paid by an employer to the employee in lieu of the service provided by him/her. Salary may include monetary and non monetary benefits which are taxable as per the Income Tax Act. Any payment made by the employer to employee in lieu of service is chargeable to tax. Salary has a much wider meaning for taxation purpose than it is normally understood. Income from Salaries comprises of various components and we will discuss the tax implications on the same.  Salary includes; Wages Fees, Commission, Perquisites or Profits in Lieu of Salary Advance Salary Leave Encashment Fund transferred from Unrecognized Provident Fund to Recognized Provident Fund Compensation due to variation in Service Contract Contribution to Recognized Provident…