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Meaning of Marginal Costing It is a costing technique where only variable cost or direct cost will be charged to the cost unit produced.   Marginal Cost of Production is the change in total cost that comes from making or producing one additional item. The purpose of this is to determine at what point an organization can achieve economies of scale. Features of Marginal Costing   All operating costs are differentiated into fixed and variable costs. Variable cost is charged to the product and treated as product cost. Fixed Cost is treated as a period cost and written off to profit & loss account. In the marginal costing technique, the costs are recorded and profits are reported. The unit cost of a product means the average variable cost of manufacturing the product. Advantages of Marginal Costing   Elimination of cost variance per unit: Fixed costs are not carried forward to the next year, units have a standard cost. Cost comparisons become meaningful. Accurate overhead recovery rate

Industrial & Labour law – Torts or Wrongs to Personal Safety & Freedom What is Tort? In a common language, a tort refers to a civil wrong that causes someone else to suffer loss or damage resulting in the person who performs such an act being legally responsible. Tort law applies to the collection of laws that offer redress for persons who have caused injury from someone else's unfair actions. Tort law is based on the principle that entities, whether intentional or accidental, are responsible for the consequences of their acts if they cause injury to another individual or organization. Types of Tort (a) Battery Batteries The battery is the criminal act of offensively touching or applying force to another person's body deliberately, including a wide variety of actions, including those of a sexual nature. Therefore, two things are required to constitute a tort of battery: I use of force, but it may be insignificant without the consent of the complainant, and (ii) without

The Maternity Benefit is a payment made to a woman during or after birth.   There is a law called the "Maternity Benefits Act, 1961, which during a certain period regulates the female employment of women." The Act extends to all factories/establishments but does not extend to those factories/establishments to which the State Insurance Act of Employees applies.   Right / Eligibility for maternity benefit payments   In any establishment, every pregnant woman is eligible for maternity benefits at an average regular wage rate*, given that she has worked for a minimum of 80 days in the previous 12 months, i.e. 12 months before the scheduled delivery date.    Average daily wage rate means an average of the wages payable to the woman in the preceding 3 months prior to maternity leave or minimum wage rate set under the Maternity Act, 1948 or Rs. 10; the highest is whatever.   The maximum time during which a woman is entitled to a maternity allowance is 26 weeks, and only up to 8 week

Investment Allowance (Section 32AC) A deduction for investment in new plants and machinery is authorized under section 32AC. Apart from depreciation and further depreciation, this deduction is allowable.   It is an opportunity for the purchase and installation by a production business of new plants and machinery. This is an opportunity implemented in the 1961 Income Tax Act to encourage investment by manufacturing firms in modern and high-value plants and machinery. The acquisition and installation had to be carried out from 1 April 2013 until 31 March 2015. The clause has also been updated to include the deduction in the 2016-17 FY.   The deduction is an investment-linked deduction i.e. the deduction is allowed as a percentage to the investment amount.   15% of the total cost of the plant and equipment that a manufacturing company acquires and implements and the value of the investment must exceed Rs. For Yearse, one hundred Crores combined. 2013-14 FY and 2014-15 FY. However, if the

Meeting of the Board:   Pursuant to the provisions of Section 173 of the Companies Act, 2013   First meeting of the The first meeting of the Board of Directors should be held within 30 days of the date of incorporation of the Company. Subsequent meeting Minimum 4 Board meetings should be held within one year. There should be no gap of more than 120 days between two consecutive meetings of the Board. One-Person Company (OPC), Dormant Company and Small Company At least 1 meeting of the Board of Directors should be held in each half of the calendar year. The difference between the two meetings should not be less than 90 days.   Meeting of the shorter notice   If the meeting of the Board of Directors is required to be called in a shorter time than the following conditions must be met:   If the company is obliged to have an independent director, At least one independent director shall be present at the meeting. If the independent director is not present, the decision to be taken at the meet