India - Income Tax Act 2010 - Saarc

S. 115WKB I.T. ACT, 1961 1.608Interest for default in furnishing return of fringe benefits.115WK. (1) Where the return of fringe benefits for any assessment year undersub-section (1) or sub-section (3) of section 115WD or in response to anotice under sub-section (2) of that section, is furnished after the due date, or isnot furnished, the employer shall be liable to pay simple interest at the rate of oneper cent for every month or part of a month comprised in the period commencingon the date immediately following the due date, and,—(a) where the return is furnished after the due date, ending on the dateof furnishing of the return; or(b) where no return has been furnished, ending on the date of completionof the assessment under section 115WF,on the amount of the tax on the value of fringe benefits as determined under subsection(1) of section 115WE or regular assessment as reduced by the advancetax paid under section 115WJ.Explanation 1.—In this section, “due date” means the date specified in theExplanation to sub-section (1) of section 115WD as applicable in the case of theemployer.Explanation 2.—Where, in relation to an assessment year, an assessment is madefor the first time under section 115WG, the assessment so made shall be regardedas a regular assessment for the purposes of this section.(2) The provisions contained in sub-sections (2) to (4) of section 234A shall, so faras may be, apply to this section.84[Recovery of fringe benefit tax by the employer from the employee.115WKA. Notwithstanding anything contained in any agreement or schemeunder which any specified security or sweat equity shares referred toin clause (d) of sub-section (1) of section 115WB has been allotted or transferred,directly or indirectly, by the employer on or after the 1st day of April, 2007, it shallbe lawful for the employer to vary the agreement or scheme under which suchspecified security or sweat equity shares has been allotted or transferred so asto recover from the employee the fringe benefit tax to the extent to which suchemployer is liable to pay the fringe benefit tax in relation to the value of fringebenefits provided to the employee and determined under clause (ba) of subsection(1) of section 115WC.]85[Deemed payment of tax by employee.115WKB. (1) Where an employer has paid any fringe benefit tax with respectto allotment or transfer of specified security or sweat equity shares,referred to in clause (d) of sub-section (1) of section 115WB, and has recoveredsuch tax subsequently from an employee, it shall be deemed that the fringebenefit tax so recovered is the tax paid by such employee in relation to the valueof the fringe benefit provided to him only to the extent to which the amountthereof relates to the value of the fringe benefit provided to such employee, asdetermined under clause (ba) of sub-section (1) of section 115WC.84. Inserted by the Finance Act, 2007, w.e.f. 1-4-2007.85. Inserted by the Finance Act, 2008, w.e.f. 1-4-2008.