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essentials business law
Business Law 2nd Edition Tejpal Sheth - Solutions
What are the major duties of a designated partner? (Ref. Para-26.9)
Is there any difference between managing partner and designated partner? (Ref. Para-26.8)
How can a designated partner be nominated? (Ref. Para-26.8)
Who can be a designated partner? (Ref. Para-26.8)
Can partners act as designated partners? (Ref. Para-26.8)
All members of a limited partnership firm are ‘designated members’. Comment.
What is the liability of a partner if the number of members in an LLP reduces to less the minimum permitted? (Ref. Para-26.7)
Can any person other than subscriber to an LLP become a partner? (Ref. Para-26.7)
Can an LLP have less than two partners? (Ref. Para-26.7)
When is an individual disqualified from being appointed as a partner of LLP? (Ref. Para-26.7)
What are the registration formalities relating to LLPs? (Ref. Para-26.6)
What are the requirements of incorporation document to incorporate an LLP? (Ref. Para-26.5)
How are the mutual rights and duties of the partners of an LLP and that of the LLP with its partners determined in the absence of any agreement about the matter? (Ref. Para-26.4)
State whether LLP Agreement would be mandatory for all LLPs. (Ref. Para-26.4)
What governs the mutual rights and duties of the partners of an LLP and that of the LLP with its partners? (Ref. Para-26.4)
State whether stamp duty is payable on LLP agreement. Is so, how is the amount of stamp duty calculated? (Ref. Para-26.4)
Distinguish between Company and LLP. (Ref. Para-26.3)
There are no shareholders in a limited liability partnership; instead, there are partners. Comment. (Ref. Para-26.3)
Write the main points of difference between Partnership and LLP. (Ref. Para-26.2)
What are the salient features of limited liability partnership? (Ref. Para-26.1)
Provisions of Indian Partnership Act, 1932, are applicable to LLPs and body corporate may be partner of LLP. Comment. (Ref. Para-26.1)
A limited liability partnership is a body corporate. Comment. (Ref. Para-26.1)
The Payment of Gratuity Act shall be applicable to(i) every factory, shop, mine and railway company.(ii) every establishment.(iii) every mine and rail company.(iv) all of the above.
In case of dispute regarding the amount of gratuity payable an application shall be made to(i) employer. (iii) controlling authority.(ii) police. (iv) court.
In case of delay of payment of gratuity, the employer shall pay(i) no interest. (iii) compound interest.(ii) simple interest. (iv) fine of twice amount levied.
An employee who is eligible for payment of gratuity shall apply within _____ from the date of gratuity become payable.(i) 30 days (iii) 15 days(ii) 60 days (iv) 45 days
Choose the incorrect one(i) An employee may make more than one nominee for gratuity.(ii) Nomination shall be made in favour of one or more members of family.(iii) Nomination in favour of person who is not a member of family shall also be valid.(iv) None of the above.
The gratuity payable to an employee whose services have been terminated by any and act, willful omission shall be forfeited(i) up to 50% of total gratuity. (iii) either (i) or (ii) whichever is less.(ii) to the extent of damage or loss caused. (iv) neither (i) nor (ii).
In case of seasonal establishment an employer shall pay gratuity at the rate of ____ for each season.(i) 12 days (iii) 15 days(ii) 10 days (iv) 7 days
For each completed year of services or part thereof, an employer shall pay gratuity at the rate of(i) 12 days. (iii) 15 days.(ii) 10 days. (iv) 7 days.
Choose the incorrect one(i) Gratuity is payable to an employee on his retirement.(ii) An employee resigning from his service is not entitled to gratuity.(iii) A retrenched employee is also entitle to gratuity.(iv) All of the above.
In the case of death of employee, gratuity shall be paid to his(i) wife.(ii) legal heir.(iii) nominee.(iv) children.
The term ‘family’ under the Payment of Gratuity Act means(i) an employee, his wife and his married children.(ii) an employee, his wife and his children.(iii) an employee and his wife.(iv) an employee, his wife, his children, his dependent parents and children of his predeceased son.
The Payment of Gratuity Act, 1972 applies to establishment where(i) 100 or more employees are employed.(ii) 10 or more employees are employed.(iii) 20 or more employees are employed.(iv) 15 or more employees are employed.
The gratuity is benefit which an employee gets at the time of(i) festival. (iii) retirement.(ii) new year. (iv) promotion.
The forfeiture of gratuity is possible under certain circumstances.(i) True(ii) False
The gratuity is a benefit which an employee gets at the time of only retirement.(i) True(ii) False
The Payment of Gratuity come into force on(i) 23 October 1971. (iii) 16th September 1971.(ii) 16 September 1972. (iv) 23rd October 1972.
For calculation of gratuity under the Payment of Gratuity Act, 1972 the number of days in a month is to be taken as(i) actual number of days on employment. (iii) 15 days.(ii) 26 days. (iv) 30 days.
The gratuity shall be paid to an employee after he has surrendered continuous service for(i) not less than three years. (iii) not less than seven years.(ii) not less than five years. (iv) none of the above.
The superannuation means(i) the attainment of age of 58 years.(ii) the attainment of age of 60 years.(iii) attainment of age as fixed in the contract or condition of services.(iv) such age certified medically to be fit.
Completed year of service(i) service for one year. (iii) continuous service for one year.(ii) continuous service. (iv) number of years of service.
Explain the powers of inspectors under the Payment of Gratuity Act, 1972.
Who can appoint inspectors under the Payment of Gratuity Act, 1972? (Ref. Para-24.13)
Explain the provisions of the Payment of Gratuity Act, 1972 with regard to the compulsory insurance of the employer’s liabilities to pay gratuity. (Ref. Para-24.12)
There was a dispute regarding the amount of gratuity, payable to an employee.How would you resolve the situation? What procedure would you suggest? (Ref. Para-24.10)
State the procedure for appointing a nominee under different situations, in respect of gratuity payment. (Ref. Para-24.8)
Can a gratuity be attached under any order of a criminal court? (Ref. Para-24.7)
An employee was terminated for disorderly conduct, during the course of his employment. To what extent shall gratuity be forfeited? (Ref. Para-24.7)
State the provisions of law, relating to the determination and payment of the amount of gratuity. (Ref. Para-24.6)
When does gratuity become payable? How is it calculated for different types of employees? (Ref. Para-24.4)
Define the term ‘wages’. (Ref. Para-24.3)
Explain the continuous service under the Payment of Gratuity Act, 1972 (Ref. Para-24.3)
Define the term ‘retirement’. (Ref. Para-24.3)
Explain the term ‘family’ in connection with the Payment of Gratuity Act, 1972. (Ref. Para-24.3)
Define the term ‘super annuation’. (Ref. Para-24.3)
List out the establishments that shall be exempted from the Payment of Gratuity. (Ref. Para-24.2)
State the kind of establishments which are covered under the Payment of Gratuity Act, 1972. (Ref. Para-24.2)
In general cases, bonus shall be paid within(i) Six months.(ii) Seven months.(iii) Eight months.(iv) None of these.
The bonus shall be paid by the employer in cash. If there is any dispute and settlement has been done, then the employer should pay bonus within(i) Two months.(ii) One month.(iii) Three months.(iv) None of these.
Set on can be done for the next accounting years.(i) 5 (iii) 4(ii) 6 (iv) none of these
What is the maximum bonus u/s 11 of the Payment of Bonus Act.(i) 20% of wages (iii) 17.5% of wages(ii) 15% of wages (iv) None of the above
What is the minimum bonus u/s 10 of the Payment of Bonus Act if employee has not completed 15 years of age?(i) 8.33% or $ 60(ii) 8.33% or $ 60(iii) 8.33% or $ 100(iv) 8.33% or $ 100
What is the minimum bonus u/s 10 of the Payment of Bonus Act.(i) 8.3% or $100 (ii) 8.33% or $100 (iii) 8.33% or $60(iv) none of the above
While calculating the direct tax payable u/s 7 of the Payment of Bonus Act which of the following should not be considered?(i) Profits (iii) Speculation loss(ii) Capital gains (iv) Unabsorbed depreciation
The allocable surplus, in case of the employer is a banking company of available surplus.(i) 60 per cent (iii) 20 per cent(ii) 67 per cent (iv) 8.33 per cent
The allocable surplus in case of the employer is company other than banking company of available surplus.(i) 60 per cent (iii) 20 per cent(ii) 67 per cent (iv) 8.33 per cent
Gross profit of an employer in case of any other company other than the banking company will be calculated as per under Payment of Bonus Act.(i) Schedule I (iii) Schedule III(ii) Schedule II (iv) none of these
Gross profit of an employer, in the case of banking company, will be calculated as per under the Payment of Bonus Act.(i) Schedule I (iii) Schedule III(ii) Schedule IV (iv) none of these
An employee of a seasonal factory will be given minimum bonus, if he had not worked for sufficient days.(i) Yes(ii) No
A temporary workman is entitled to bonus on the basis of(i) total no. of days worked.(ii) all working days.(iii) no bonus will be allowable.(iv) none of the above.
Where an employee dismissed but reinstated with back wages, will be entitled to bonus.(i) Yes(ii) No
Where any employee was dismissed because of Riotous/Violent behaviour in the premises, whether he is eligible for bonus.(i) Yes(ii) No
Where any employee, committed any fraud, in that accounting year. Mention whether he is eligible for bonus. Who has been dismissed from service?(i) Yes(ii) No
Is that establishment covered under the Payment of Bonus Act.(i) Covered(ii) Not covered
If an establishment in the previous year, was covered under the Payment of Bonus Act. But in this year the employees had reduced to below
In an establishment 15 employees were working with a salary below than ` 3500 and seven employees, working with a salary more than ` 3500. Is the establishment covered under the Payment of Bonus Act, 1956?(i) Covered(ii) Not covered
Every other establishment, other than the factory in which there are more than employees, must be to come under the Payment of Bonus Act.(i) 15(ii) 20(iii) 25(iv) 30
Employees employed under any financial corporation established under the state financial corporation Act, will not cover under the Payment of Bonus Act.(i) Yes(ii) No
Employees employed under the educational institutions, will cover under the Payment of Bonus Act.(i) Yes(ii) No
Employees employed under the Indian Red Cross Society will cover under the Payment of Bonus Act, 1956.(i) Yes(ii) No
Employees employed through contractors on building operations, will cover under Payment of Bonus Act, 1956.(i) Yes(ii) No
Employees of the RBI will not cover under the Payment of Bonus Act, 1965.(i) Yes(ii) No
Employees of LIC will not cover under the Payment of Bonus Act, 1965.(i) Yes(ii) No
Examine the power of the government to grant exemption to an establishment from the Payment of Bonus Act, 1965.
Explain the special provisions with respect to bonus linked with production. (Ref. para-23.20)
Is the provision of act applicable to public sector undertaking? (Ref. para-23.19)
What are the powers of an inspector under the Payment of Bonus Act? (Ref. para-23.18)
What is the time limit within which the payment of bonus due to an employee under the act be paid? (Ref. para-23.17)
Explain the procedure to recover the bonus. (Ref. para-23.16)
A company calculates the bonus from the accounting position, as per the balance sheet and profit and loss account. Can a worker rely on the correctness of the balance sheet and profit and loss account? (Ref. para-23.15)
Explain the provisions of the Payment of Bonus Act, 1965 regulating the payment of bonus by new establishment. (Ref. para-23.14)
Explain the rules of set on and set off of allocable surplus under the Payment of Bonus Act. (Ref. para-23.13)
Explain the provisions of the Payment of Bonus Act, 1965 relating to the adjustment of customary bonus against the bonus payable under act. (Ref. para-12)
Explain the provisions relating to the minimum and maximum amount of bonus payment to an employee for an accounting year. (Ref. para-23.9)
Who is liable to pay bonus? (Ref. para-23.8)
Can there be a deduction in the amount of bonus, on the ground that the employee has not worked for all working days in an accounting year? (Ref. para-23.7)
Explain the procedure relating to the computation of working days for the purpose of payment of bonus under the Payment of Bonus Act. (Ref. para-23.7)
An employee found guilty of misconduct, causing a financial loss to the employer is entitled for bonus. Decide. (Ref. para-23.6)
Who is entitled to bonus? (Ref. para-23.5)
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