Tag: OU B.com Notes

Bangalore University B.com Notes

Income Tax I

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Unit 1 Introduction to Income Tax {Book}
Brief history of Indian Income Tax VIEW
Legal Framework:
Types of taxes VIEW
Cannons of taxation VIEW
Definitions:
Assessment, Assessment year, Income, Agricultural income, Assesses, Person, Casual income VIEW
Previous year including exception VIEW
Gross total income, Total income VIEW
Scheme of taxation VIEW
Meaning and Classification of Capital and Revenue VIEW

 

Unit 2 Residential Status {Book}
Residential status of an Individual’s, Determination of Residential status VIEW
Incidence of tax-problems on computation of Gross total Income VIEW

 

Unit 3 Exempted incomes {Book}
Introduction, exempted incomes U/S 10. Only in the hands of individuals VIEW

 

Unit 4 Income from Salary {Book}
Meaning, definitions, basis of charge, Advance salary, Arrears of salary, encashment of earned leave VIEW
All allowances VIEW
Perquisites VIEW
Profits in lieu of salary VIEW
Provident fund VIEW
Gratuity VIEW VIEW
Commutation of pension VIEW
Deductions from salary U/S 16 VIEW
Problems on computation of Salary income VIEW

 

Unit 5 Income from House property {Book}
Income from House property VIEW
Basis of charge VIEW
Deemed owners, Composite rent VIEW
Exempted income from house property VIEW
Annual value VIEW
Determination of Annual value, treatment of unrealized rent, loss due to Vacancy, Deductions from Annual value U/S 24 VIEW
Problems on computation of income from house property VIEW

 

Bangalore University B.com Notes

Business Regulations

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Unit 1 Introduction to Business Laws {Book}
Introduction, Nature of Law, Meaning and Definition of Business Laws VIEW
Scope and Sources of Business Laws VIEW
Types of Business Law VIEW
Difference between Law and ethics VIEW
Case precedent: Meaning of plaintiff, Defendant, Petitioner, respondents, Public prosecutors, Advocate General, Solicitor general of India, Judicial Magistrate of First class, Civil Judge, Sessions (criminal court judge), Metropolitan magistrate, Economic offences. VIEW
Constitutional provisional relating to business affairs VIEW VIEW
Difference between Civil cases and Criminal cases VIEW
Adalaths

 

Unit 2 Contract Laws {Book}
Indian Contract Act, 1872 VIEW
Essentials of a valid contract VIEW
Classification of contracts VIEW
Remedies for breach of contract. VIEW VIEW
Termination and Discharge of Contract VIEW
Indemnity VIEW
Guarantee VIEW
Bailment and Pledge VIEW
Law of Agency VIEW
Indian Sale of Goods Act, 1930 VIEW
Essentials of contract of sale VIEW
Conditions and Warrantees VIEW VIEW
Rights and Duties of buyer VIEW
Rights of an unpaid Seller VIEW

 

Unit 3 Consumer Protection Act, (COPRA) 2019 {Book}
Consumer Protection Act, (COPRA) 2019, Objective of the Act VIEW
Important terms: Complaint, Consumer, Consumer dispute, consumer rights, defect, Deficiency, direct selling, E-commerce, Electronics Service providers, HARM, injury, Misleading advertisement, product liability
Restrictive trade practice, Service unfair trade practice (UTP) VIEW
Consumer dispute redressal forums District forum, State commission and National commission. Jurisdiction offences and penalties under the ACT VIEW

Extra Topic

  
The Competition Act, 2002 VIEW
Objectives, Features of Competition Act, 2002 VIEW
Offences and Penalties under the Act Competition Act, 2002 VIEW
Competition Commission of India VIEW
Consumer Protection Act, 1986 VIEW
Consumer VIEW
Consumer dispute VIEW
Defect, deficiency, unfair trade practices and services under the Protection Act, 1986 VIEW
Rights of the consumer under the Protection Act, 1986 VIEW
Consumer Redressal Agencies: District Forum, State Commission, National Commission VIEW

 

Unit 4 Insolvency and Bankruptcy Code (IBC) 2016 {Book}
Insolvency and Bankruptcy Code (IBC) 2016 Introduction, Rationale and Objectives VIEW
Need for Insolvency and Bankruptcy Code: Social, Legal, Economic and Financial Perspectives VIEW
Authorities and Enforcement Mechanism in IBC 2016 VIEW
Role of Adjudicating Authorities, Appellate Authorities VIEW
Insolvency of Individuals and Partnership firms VIEW

 

Unit 5 {Book}
Intellectual Property Right:
Introduction and the need for intellectual property right (IPR) VIEW
Kinds of Intellectual Property Rights:
Patent VIEW
Copyright VIEW
Trade Mark, Design VIEW
Geographical Indication VIEW
Plant Varieties and Layout Design VIEW
IPR in India VIEW
IPR in abroad VIEW
Major International Instruments concerning Intellectual Property Rights VIEW
Information Technology Act, 2000:
Information Technology Act, 2000: Objective of the Act VIEW
Meaning of Cyber Law VIEW
Cyberspace, Digital Signature VIEW
Private key, Public key VIEW
Encryption VIEW
Digital Signature certificate VIEW
Cyber Crimes: Meaning and Types, VIEW
Cyber Crimes Offences and Penalties VIEW
Information Technology (Amendment 2018) special provisions relating to online gaming, provision of adequate safeguards against dangerous gaming resources and online material that disturbs the cultural values and ethos. VIEW

 

Bangalore University B.com Notes

E-Business & Computerized Accounting

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Unit 1 E-Business {Book}
Introduction, e-Commerce Definition VIEW
History of e-commerce VIEW
Difference between e-Commerce and e-Business VIEW
e-Commerce v/s Traditional Commerce VIEW
Strengths, Weakness, Opportunities of e-Commerce VIEW
Challenges of e-Commerce VIEW
E-Commerce Business models; B2G, C2G VIEW
B2C VIEW
B2B VIEW
C2B VIEW
C2C VIEW
Types of e-commerce Business Revenue Models VIEW

 

Unit 2 e-Payments Mechanisms {Book}
e-Payment requirements, Meaning, and Importance VIEW
App based e-payment systems VIEW
M-Wallet Payments VIEW
Card based payment Credit card, Debit card and Different types of cards VIEW VIEW
Net Banking VIEW
M-Banking VIEW
NEFT and RTGS VIEW
Cheque Truncation System (CTS) VIEW
Payment through BiT-Coin (Not accepted in INDIA)
Cybercrimes in e-payments VIEW
Risks and Protection in e-payments VIEW
cyber laws and cyber police stations VIEW
Digital signature usage and Legal provisions VIEW
E-payment in Paperless society, Significance VIEW VIEW

 

Unit 3 Introduction of Tally and SAP {Book}
Meaning of Tally software, Features, Advantages VIEW
Required Hardware of Tally software VIEW
Introduction to SAP Meaning, features, configuration advantages and limitations VIEW
SAP in finance, SAP in Marketing, SAP in HR

 

Unit 4 Gateway of Tally {Book}

 

Unit 5 Reports in Tally {Book}

 

Bangalore University B.com Notes

Costing Methods

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Unit 1 Job and Batch Costing {Book}
Job Costing: Meaning, prerequisites, Job costing procedures, Features, objectives, applications, advantages and disadvantages of Job costing VIEW
Batch Costing Meaning, Advantages, Disadvantages VIEW
Determination of economic Batch Quantity VIEW
Comparison between Job and Batch Costing VIEW

 

Unit 2 Process costing {Book}
Introduction, meaning and definition, Features of Process Costing VIEW
Comparison between Job costing and Process Costing VIEW
Applications, Advantages and Disadvantages of Process Costing VIEW
Treatment of normal loss, Abnormal loss and Abnormal gain VIEW
Rejects and Rectification – Joint and by-products costing problems under reverse cost method VIEW

 

Unit 3 Contract Costing {Book}
Meaning, Features, Applications of Contract costing VIEW
Similarities and Dissimilarities between Job and Contract costing VIEW
Procedure of Contract costing VIEW
Profit on incomplete contracts VIEW

 

Unit 4 Operating Costing {Book}
Introduction, Meaning and application of Operating Costing VIEW
Power house costing or Boiler house costing VIEW
Canteen or Hotel costing VIEW
Hospital costing and Transport Costing, Problems VIEW

 

Unit 5 Output Costing {Book}
One Operation (Unit or Output) Costing VIEW
Collection of Costs VIEW
Tenders or Quotations VIEW
Treatment of Scrap VIEW
Production Account VIEW
Difference between a Production Account and a Cost Sheet VIEW

Bangalore University B.com Notes

Advanced Corporate Accounting

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Unit 1 Holding Company Accounts {Book}
Introduction Meaning of Holding Company VIEW
Introduction Meaning of Subsidiary Company VIEW
Steps, Pre-Acquisition Profits, Post Acquisition Profits VIEW
Minority Interest VIEW
Cost of Control or Capital Reserve VIEW VIEW
Unrealized Profit, Mutual Indebtedness VIEW
Preparation of Consolidated Balance Sheet (As per AS21) under vertical format VIEW

 

Unit 2 Mergers and Acquisition of Companies {Book}
Meaning of Amalgamation and Acquisition VIEW
Types of Amalgamation, Amalgamation in the Nature of Merger & Purchase VIEW
Methods of Purchase Consideration VIEW
Calculation of Purchase Consideration (Ind AS 103) VIEW
Net Asset Method VIEW
Net Payment Method VIEW
Accounting for Amalgamation VIEW
Entries and Ledger Accounts in the Books of Transferor Company and Transferee Company VIEW
Preparation of new Balance sheet. (Vertical Format) (Excluding External Reconstruction) VIEW

 

Unit 3 Internal Reconstruction {Book}
Internal Reconstruction Meaning, Objective, Procedure VIEW
Form of Reduction VIEW
Passing of Journal Entries for Internal Reconstruction VIEW
Preparation of Reconstruction accounts VIEW
Preparation of Balance Sheet after Reconstruction (Vertical Format) VIEW

 

Unit 4 Liquidation of Companies {Book}
Liquidation of Companies Meaning, Types of Liquidation VIEW VIEW VIEW
Order of Payment VIEW
Calculation of Liquidator’s Remuneration VIEW
Preparation of Liquidators Final Statement of Account VIEW

 

Unit 5 Recent Developments in Accounting & Accounting Standard’s {Book}
Meaning, Definitions, Characteristics, Functions and Importance of Human Resource Accounting VIEW
Meaning, Definitions, Characteristics, Functions and Importance of Environmental Accounting VIEW
Meaning, Definitions, Characteristics, Functions and Importance of Sustainability accounting VIEW
Meaning, Definitions, Characteristics, Functions and Importance of Forensic accounting VIEW
Meaning, Definitions, Characteristics, Functions and Importance of Public expenditure accounting VIEW
Meaning, Definitions, Characteristics, Functions and Importance of Social Responsibility Accounting VIEW

 

Bangalore University B.com Notes

Corporate Accounting

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Unit 1 Underwriting of Shares {Book}
Underwriting of Shares Meaning VIEW
Underwriting Commission VIEW
Underwriter functions VIEW
Advantages of Underwriting VIEW
Types of Underwriting VIEW
Marked and Unmarked Applications VIEW
Underwriting Process VIEW

 

Unit 2 Redemption of Debentures {Book}
Meaning of Debentures, Types of Debentures VIEW
Distinction between Shares and Debentures VIEW
Issue of Debentures, Over Subscription VIEW
Issue of Debentures for Consideration other than Cash VIEW
Issue of Debentures as a Collateral Security VIEW
Terms of Issue of Debentures VIEW
Interest on Debentures VIEW
Writing off Discount/Loss on Issue of Debentures VIEW
Redemption of Debentures VIEW
Redemption by Payment in Lump Sum, Open Market, Conversion VIEW
Sinking Fund Method VIEW

 

Unit 3 Valuation of Goodwill {Book}
Meaning, Circumstances, Factors of Valuation of Goodwill VIEW
Methods of Valuation of Goodwill:
Average Profit Method of Valuation of Goodwill VIEW
Super Profit Method of Valuation of Goodwill VIEW
Capitalization of Super Profit average Profit Method of Valuation of Goodwill VIEW
Annuity Method of Valuation of Goodwill VIEW
Capitalization of Profit Method VIEW

 

Unit 4 Valuation of Shares {Book}
Meaning, Need for Valuation of Shares VIEW
Factors Affecting Valuation of Shares VIEW
Methods of Valuation:
Intrinsic Value Method of Shares VIEW
Yield Method of Shares VIEW
Earning Capacity Method of Shares VIEW
Fair Value of shares VIEW
Rights Issue VIEW
Valuation of Rights Issue VIEW

 

Unit 5 Company Final Accounts {Book}
Statutory Provisions regarding preparation of Company Final Accounts VIEW
Treatment of Special Items VIEW
Tax deducted at source VIEW
Advance payment of Tax VIEW
Provision for Tax VIEW
Depreciation VIEW
Interest on debentures VIEW
Dividends VIEW
Rules regarding payment of dividends VIEW
Transfer to Reserves VIEW
Preparation of Profit and Loss Account and Balance Sheet in vertical form VIEW

 

Bangalore University B.com Notes

Quantitative Analysis for Business Decision

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Unit 1 Introduction to Statistics {Book}
Statistics: Meaning and Definition, Functions, Scope, Limitations VIEW
Important terminologies in Statistics: Data, Raw Data, Primary Data, Secondary Data, Population, Census, Survey, Sample Survey, Sampling, Parameter, Unit, Variable, Attribute, Frequency VIEW
Seriation: Individual, discrete and continuous VIEW
Classification of Data VIEW
Perquisites of Good Classification of Data VIEW
Types of Classification Quantitative and Qualitative Classification of Data VIEW

 

Unit 2 Classification and Tabulation of Data {Book}
Types of Presentation of Data Textual Presentation, VIEW
Tabular Presentation VIEW
One-way Table, Two-way Table VIEW
Important terminologies Variable, Quantitative Variable, Qualitative Variable, Discrete Variable, Continuous Variable, Dependent Variable, Independent Variable, Frequency, Class Interval, Tally Bar VIEW
Diagrammatic and Graphical Presentation, Rules for Construction of Diagrams and Graphs VIEW
Types of Diagrams One Dimensional-Simple Bar Diagram, Sub-divided Bar Diagram, Multiple Bar Diagram, Percentage Bar Diagram VIEW
Two Dimensional Diagram Pie Chart VIEW
Graphs Histogram VIEW
Frequency Polygon VIEW
Ogives curve VIEW

 

Unit 3 Measures of Central Tendency {Book}
Meaning and Definition VIEW
Types of Averages:
Arithmetic Mean (Simple and Weighted) VIEW
Median VIEW
Mode VIEW
Graphical representation of median and mode, Ogive curve VIEW
Smoothed frequency curve VIEW

 

Unit 4 Measures of Dispersion and Skewness {Book}
Meaning and Objectives of Measures of Dispersion VIEW
Requisites of Good Measure of Dispersion VIEW
Types of Measures of Dispersion VIEW
Range VIEW
Quartile Deviation VIEW
Mean Deviation & Co-efficient of Variation VIEW
Standard Deviation & Co-efficient of Variation VIEW
Skewness: Meaning, Uses, Co-efficient of Skewness VIEW
Karl Pearson’s VIEW
Bowley’s Coefficient of Skewness VIEW

 

Unit 5 Correlation, Regression & Time Series Analysis {Book}
Meaning and Types of Correlation VIEW VIEW VIEW
Karl Pearson’s Coefficient of Correlation VIEW
Spearman’s Rank Correlation Coefficient VIEW
Correlation Coefficient through Regression Coefficient VIEW
Meaning of Regression VIEW VIEW
Regression Lines, Regression Coefficients, Regression Equations VIEW
Meaning and Components of Time Series VIEW VIEW
Analysis of time series by Moving Average VIEW
Analysis of time series by Least Squares Method VIEW

Read More: https://indiafreenotes.com/umbms-business-statistics/

Bangalore University B.com Notes

Marketing & Event Management

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Unit 1 Marketing Management and Environment {Book}
Marketing Management: Meaning, Definitions VIEW VIEW
Features of Market VIEW
Features of Marketer VIEW
Marketing Concepts: Selling Concept, Marketing Concept and Societal Marketing Concept VIEW
Marketing versus Selling VIEW
E-marketing VIEW
Digital or Internet marketing VIEW
Marketing Environment VIEW
Micro Environment: Suppliers, Competitors, Intermediaries, Customers and Public VIEW VIEW
Macro Environment Demographic, Economic, Natural, Technological, Political and Cultural Factors VIEW

 

Unit 2 {Book}
Marketing mix: Meaning, components VIEW
**Product VIEW
**Product Mix VIEW
**Product Line VIEW
**Product lifecycle VIEW
**Product Planning VIEW
**New Product Development VIEW
4ps for goods marketing VIEW
7ps for services marketing VIEW
Distinction between goods marketing and service marketing VIEW
MIS VIEW VIEW VIEW
Marketing research VIEW VIEW VIEW
Marketing intelligence VIEW
Market Segmentation Definition, Objectives, Advantages, Limitations VIEW
Bases of Market Segmentation VIEW

 

Unit 3 Consumer Behaviour {Book}
Meaning, Definitions, Features and Importance of Consumer Behaviour VIEW VIEW
Customer versus Consumer VIEW
Buyer versus User VIEW
Buyer versus Decision Maker VIEW
Factors influencing Consumer Behaviour Cultural, Social, Personal and Psychological Factors VIEW
Consumers Buying Roles Initiator, Influencer, Decider, Buyer and User VIEW
Buying Behaviour: Complex Buying Behaviour, Dissonance Reducing Buying Behaviour, Habitual Buying Behaviour, Variety Seeking Buying Behaviour VIEW
Steps in Buying Process Need Recognition, Information Search, Evaluation of Alternatives, Purchase Decision and Post Purchase Behaviour VIEW

 

Unit 4 Event management {Book}
Event: Meaning, Definition, Characteristics, Types, Advantages VIEW
5C’s of event VIEW
Types of Customers for Events VIEW
Event management Meaning, Definitions, Essentials, Key Drivers VIEW
Stages and Decision Makers in Event Management VIEW
Event Management Staff VIEW
Establishing Policies and Procedures of an Event VIEW
Role of Event Manager and the people involved in conducting the event VIEW
Developing Record Keeping System in Event Management VIEW

No Update of Unit 5

Unit 5 Conduct of an Event & Procedure {Book}
Planning Schedule VIEW
Steps to Organize an Event VIEW
Assignment of Responsibilities: VIEW
Communication in Events VIEW
Multichannel used for communication, VIEW
Operational Communication Tools for Events VIEW
Event Marketing and Communications Planning Process VIEW
Budget of an Event Basic Event Budgeting Rules, Typical Event Expenditure VIEW
Budget of an Event VIEW
Fundamentals of Creating an Event Budget VIEW
Predicting the Financial Outcome of an Event VIEW
Importance of Financial Control of an Event VIEW
Continual adjustment of the Event Budget VIEW
Computer Aided Event Management VIEW
Use of Computer and Technology from the start to End of Event VIEW
Event Planning Software VIEW
Roles and responsibilities of Event manager for different Events VIEW
Checklist of an Event, Emergency plan checklist for an Event VIEW
Sample event planning checklist VIEW
Event Proposal VIEW
Events Licenses and Permissions, permits and license for events VIEW
Government Environment for Event VIEW

 

Read More: https://indiafreenotes.com/umbms-principles-of-marketing/

Read More: https://indiafreenotes.com/umbms-consumer-behaviour/

 

 

Bangalore University B.com Notes

Financial Accounting

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Unit 1 Conceptual Frame Work Of Financial Accounting {Book}
Financial Accounting Meaning, Definition, Objectives VIEW
Financial Accounting Objectives VIEW
Terminologies: Transaction, debit, credit, Assets, Liabilities, Capital, Drawings, Goods VIEW
Distinctions between Goods and Assets VIEW
Purchases, Purchase Returns, Sales, Sales Returns VIEW
Invoice, Debit Note, Credit Note, Stock, Work-in-progress VIEW
Inventory, Incomes, Expenses, Creditors, Debtors VIEW
Bills of Exchange VIEW
Bills Receivable, Bills Payable VIEW
Outstanding Expenses, Accrued Incomes VIEW
Prepaid Expenses, Incomes received in Advance VIEW
Journal VIEW
Journal Entry, Rules for Journal Entry VIEW VIEW
Subsidiary Books VIEW
Journal Proper VIEW
Account Carried Down, Brought Down, Carried Forward, Brought Forward VIEW
Ledger Accounts VIEW
Income statement VIEW
Balance Sheet VIEW
Accounting Equation VIEW
Accounting concepts: Entity, Money measurement, Realization and Accrual concept VIEW
Introduction to IFRS VIEW
US-GAAP VIEW
European GAAP, Japanese GAAP VIEW

 

Unit 2 Accounting for Sale of Partnership firm {Book}
Sale to a Limited Company VIEW
Need for conversion – Meaning of Purchase Consideration, Methods of calculating Purchase Consideration, Net Payment method, Net Asset method VIEW
Passing of journal entries accounts in the Books of Vendor VIEW
Preparation of Ledger Accounts in the Books of Vendor VIEW
Treatment of Certain items VIEW
Dissolution expenses VIEW
Unrecorded Assets and Liabilities VIEW
Assets and Liabilities not taken over by the purchasing company VIEW
Contingent liabilities VIEW VIEW
Non-assumption of Trade Liabilities in the Books of Purchasing company VIEW
Passing of incorporation entries: Treatment of security premium VIEW

 

Unit 3 Accounting for Departmental Undertakings {Book}
Meaning and Features of Departmental Undertaking VIEW
Examples of Department Specific Expenses and Common Expenses VIEW
Need and Bases of Apportionment of Common Expenses VIEW
Preparation of Trading Account in Columnar Form VIEW
Preparation of Profit and Loss Account in Columnar Form VIEW
General Profit and Loss Account and Balance Sheet VIEW
Simple problems involving adjustment on Closing Stock VIEW
Depreciation VIEW
Inter Departmental Transfers at Cost Price VIEW

 

Unit 4 Fire Insurance claims {Book}
Meaning, Need and Advantages of Fire Insurance VIEW
Insurer/Insurance Company, Insured/Policyholder, Premium VIEW
Salvage, Insurance Policy, Sum Assured, Under Insurance, Average Clause, Claim VIEW

 

Unit 5 Computerized Accounting Systems {Book}
Computerized Accounts by using Accounting Software VIEW
Creating a Company; Configure and Features Settings VIEW
Creating Accounting Ledgers and Groups VIEW
Creating Stock Items and Groups; Vouchers Entry VIEW

 

University of Mumbai BMS Notes

Payment of Wages Act 1936

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The Payment of Wages Act, 1936 regulates payment of wages to employees (direct and indirect). The act is intended to be a remedy against unauthorized deductions made by employer and/or unjustified delay in payment of wages. The main objective for the introduction of the Payment of Wages Act, 1936, is to avoid unnecessary delay in the payment of wages and to prevent unauthorized deductions from the wages.

Purpose of the Act

The main objective of the Act is to avoid unnecessary delay in the payment of wages and to prevent unauthorized deductions from the wages. Every person employed in any factory, upon any railway or through sub-contractor in a railway and a person employed in an industrial or other establishment. The State Government may by notification extend the provisions to any class of persons employed in any establishment or class of establishment. The benefit of the Act prescribes for the regular and timely payment of wages (on or before 7th day or 10th day of after wage period is greater than 1000 workers) and Preventing unauthorized deductions being made from wages and arbitrary fines.

Section 2 of the Payment of Wages Act, 1936 offers the definition of wages and many other important terms as follows:

Appropriate Government

According to section 2(i) of the Act, Appropriate Government means:

  • The Central Government in relation to railways, air transport service, mines, and oilfields
  • The State Government in relation to all other cases

Employed Person

According to section 2(ia) of the Act, an employed person also includes the legal representative of the deceased employed person.

Employer

According to section 2(ib) of the Act, an employer also includes the legal representative of the deceased employer.

Factory

According to section 2(ic) of the Act, a factory means a factory which the clause (m) of Section 2 of the Factories Act, 1948 (63 of 1948) defines. Further, it includes any place to which the provisions of the Act have been applied under sub-section (1) of Section 85 thereof.

Industrial or Other Establishment

According to section 2(ii) of the Act, an Industrial or Other Establishment means any:

  • A motor transport service or tramway service which carries passengers or goods or both by road for hire or reward;
  • Air transport service other than that belonging to or exclusively employed in the military, naval, or air forces of the Union or the Civil Aviation Department of the Government of India.
  • Jetty or dock wharf
  • A mechanically propelled inland vessel
  • Mine, quarry, or oil-field
  • Plantation
  • Workshop or any other establishment which produces or manufactures articles or adapts them for their use, transport, or sale.
  • An establishment which carries on any work relating to the construction, development, or maintenance of buildings, roads, bridges or canals. Also, establishments having operations connected with navigation, irrigation, or supply of water, or generation, transmission, and distribution of electricity.
  • The Central or State Government might include any other establishment or class of establishments for the protection of the employees under the Act.

Mine

According to section 2(ii)(a) of the Act, a Mine has the meaning that clause (j) of sub-section (1) of Section 2 of the Mines Act, 1952 (35 of 1952) assigns to it.

Plantation

According to section 2(iii) of the Act, a Plantation means ‘Plantation’ defined under clause (f) of Section 2 of the Plantations Labour Act, 1951 (69 of 1951).

Prescribed

According to section 2(iv) of the Act, prescribed means prescribed by the rules made under this Act.

Railway Administration

According to section 2(v) of the Act, Railway Administration has the meaning that clause (32) of Section 2 of the Indian Railways Act, 1889 assigns to it.

Wages

According to section 2(vi) of the Act, wages mean all remunerations expressed in terms of money or are capable of being so expressed.

These are either by way of salary allowances or otherwise. Further, the remunerations are payable to the person employed on the fulfillment of the terms of employment, express or implied. These remunerations include:

Inclusions in Wages

  • Any amount which is payable under any award or settlement between the parties or an order of the court.
  • Amounts that the employee is entitled to with respect to working overtime or on holidays or any leave period.
  • Any additional remuneration as per the terms of employment – bonus, incentive, etc.
  • The sum of money that the employee must receive due to the termination of his employment. Further, this sum is either payable under law or contract or instrument which specifies the payment of such a sum. Also, this may or may not include deductions. It also does not specify the time within which the firm needs to make the payment.
  • Any sum to which the employee is entitled under any scheme that is framed under any law in force. However, it does not include:
  1. Any bonus which does not form a part of the remuneration payable under the terms of employment. Or, a bonus which is not payable under any award or settlement between parties or an order of a court.
  2. The value of any house accommodation or the supply of water, light, medical attendance or any service which is excluded from the computation of wages under an order of the Government.
  3. The employer’s contribution to any pension or provident fund and also the interest accrued thereon.
  4. Any traveling allowance or traveling concessions
  5. Any sum that the employee receives to defray special expenses due to the nature of his employment
  6. Gratuity was payable on the termination of employment in cases other than those specified in sub-clause (d).

Salary statics

Wages are averaging less than Rs. 6500.00 per month only are covered or protected by the Act by the amendment in 2005 by {Section 1(6)}.Wages means contractual wages and not overtime wages. They are not to be taken into account for deciding the applicability of the Act in the context of section 1(6) of the Act. Wages must be paid in current coin or currency notes or in both and not in kind. It is, however, permissible for an employer to pay wages by cheque of by crediting them in the bank account if so authorized in writing by an employed person.

Summary of the provisions of the Act

The provisions of the Act regarding the imposition of fines on the employed person are as follows such as, The employer must exhibit on his premises a list of acts or omissions for which fines can be imposed, Before imposing a fine on an employed person he must be given an opportunity of showing cause against the fine, The amount of fine must not exceed 3 percent of the wages, A fine cannot be imposed on an employed person who is under the age of 15 years, A fine cannot be recovered by installments or after 90 days from the day of the act or omission for which it is imposed, The moneys realized from fines must be applied to purposes beneficial to employed persons.

Subsection 8(3), 10(1-A) & Rule 15} deals with Any person desiring to impose a fine on an employed person or to make a deduction for damage or loss shall explain personally or in writing to the said person the act or omission, or damage or loss in respect of which the fine or deduction is proposed to be imposed, and the amount of fine or deduction, which it is proposed to impose, and shall hear his explanation in the presence of at least one other person, or obtain it in writing.

The Payment wages act is a regulation drawn up to protect the employee’s rights from being infringed by the employer. The employee should be paid on time and should not be harassed against anything during the employment. It has however given a lot of protections to employees and will continue to do so in the future as well.

Responsibility for payment of wages [Section 3].

Every employer shall be responsible for the payment to persons employed by him of all wages required to be paid.

  • In the case of the factory, manager of that factory shall be liable to pay the wages to employees employed by him.
  • In the case of industrial or other establishments, persons responsibility of supervision shall be liable for the payment of the wage to employees employed by him.
  • In the case of railways, a person nominated by the railway administration for specified area shall be liable for the payment of the wage to the employees.
  • In the case of contractor, a person designated by such contractor who is directly under his charge shall be liable for the payment of the wage to the employees. If he fails to pay wages to employees, person who employed the employees shall be liable for the payment of the wages.

Deductions which may be made from wages

At the time of payment of the wage to employees, employer should make deductions according to this act only. Employer should not make deductions as he like. Every amount paid by the employee to his employer is called as deductions.

The following are not called as the deduction

  • Stoppage of the increment of employee.
  • Stoppage of the promotion of the employee.
  • Stoppage of the incentive lack of performance by employee.
  • Demotion of the employee
  • Suspension of the employee

The above said actions taken by the employer should have good and sufficient cause.

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