{"act":{"id":"finance-act-2005","short_title":"The Finance Act, 2005","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2005-2006.","act_number":"18","act_year":2005,"enact_date":"2005-05-13","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":70,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2005/"},"unit":"section","section":{"number":"59","heading":"Insertion of new section 271FB","text":"Insertion of new section 271FB. 59. After section 271FA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2006, namely:— \"271FB. Penalty for failure to furnish return of fringe benefits.— If an employer, who is required to furnish a return of fringe benefits, as required under sub-section (1) of section 115WD, fails to furnish such return within the time prescribed under that sub-section, the Assessing Officer may direct that such employer shall pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Insertion of new section 271FB.</b></p><p><b>59. </b>After section 271FA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2006, namely:—</p><p>\"271FB. <i>Penalty for failure to furnish return of fringe benefits.</i>— If an employer, who is required to furnish a return of fringe benefits, as required under sub-section (1)<i> </i>of section 115WD, fails to furnish such return within the time prescribed under that sub-section, the Assessing Officer may direct that such employer shall pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":106,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2005/section/59/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}