Dear friends,
Of course, I'm delayed by over 9 years, but still I wish to share some information with you all. There is no hard and fast rule released by private companies as a whole, and even if they do, they cannot override acts and regulations implemented by the state and central governments.
Your query seems to encompass 'all' rules and regulations, which is impossible to discuss here. Since you have raised this in the citeHR forum, I will restrict myself to rules and regulations relevant to HR matters.
Governments have enacted two sets of acts/rules: one applicable for government employees and the other applicable for others, i.e., quasi-government and private sector employees. Indian labor law refers to laws regulating the administration of issues related to laborers in India. Traditionally, Indian governments at the federal and state levels have aimed to ensure a high degree of protection for workers. However, in practice, due to the form of government and labor being a subject on the concurrent list of the Indian Constitution (both central and state governments), there are complexities.
These acts and rules are issued subject-wise to cover various aspects such as wages to employees (Payment of Wages Act, Minimum Wages Act, etc.), governing other benefits payable to employees (Employees Provident Funds, Employees Pension Fund, EDLI, Bonus Act, Gratuity Act, Employees Compensation Act, ESIC, etc.), other regulations and welfare (Maternity Benefit Act, Contract Labour Regulation and Abolition Act, Mines Act, Factories Act, Industrial Disputes Act, etc.), and taxation matters (Income Tax Act including Capital Gains, Profession Act).
It's important to note the distinction between acts/rules and regulations. Acts cover various definitions, applicability, authorized officials, penalties/fines, and filing of statutory returns, while rules and regulations are made under the pertinent acts to facilitate the administration of provisions of the act.
No rules, regulations, guidelines, or circulars can override or contradict the provisions contained in the acts and rules made thereunder. A list of acts and rules (not exhaustive but major acts) is attached for quick reference.
These pieces of information are not up-to-date, so it is recommended to review any amendments and updates for the latest information.