# The Finance Act, 2005, Section 59: Insertion of new section 271FB

- Act: The Finance Act, 2005 (Act 18 of 2005)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2005/section/59/

## 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.

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