{"act":{"id":"finance-act-2007","short_title":"The Finance Act, 2007","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2007-2008.","act_number":null,"act_year":2007,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":96,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2007/"},"unit":"section","section":{"number":"41","heading":"Insertion of new sections 115WKA","text":"Insertion of new section 115WKA. 41.  After section 115WK of the Income-tax Act, the following section shall be inserted, namely:— \"115WKA. Recovery of fringe benefit tax by the employer from the employee.—Notwithstanding anything contained in any agreement or scheme under which any specified security or sweat equity shares referred to in 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 shall be lawful for the employer to vary the agreement or scheme under which such specified security or sweat equity shares has been allotted or transferred so as to recover from the employee the fringe benefit tax to the extent to which such employer is liable to pay the fringe benefit tax in relation to the value of fringe benefits provided to the employee and determined under clause (ba ) of sub-section (1) of section 115WC.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Insertion of new section 115WKA.</b></p><p><b>41. </b> After section 115WK of the Income-tax Act, the following section shall be inserted, namely:—</p><p>\"115WKA. <i>Recovery of fringe benefit tax by the employer from the employee.</i>—Notwithstanding anything contained in any agreement or scheme under which any specified security or sweat equity shares referred to in clause (<i>d</i>) <i> </i>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 shall be lawful for the employer to vary the agreement or scheme under which such specified security or sweat equity shares has been allotted or transferred so as to recover from the employee the fringe benefit tax to the extent to which such employer is liable to pay the fringe benefit tax in relation to the value of fringe benefits provided to the employee and determined under clause (<i>ba</i> )<i> </i>of sub-section (1) of section 115WC.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":162,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2007/section/41/","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."}