Insertion of new section 271FB
Section 59 of the Finance Act, 2005 deals with insertion of new section 271FB. 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. The Act was enacted on 13 May 2005.
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.".
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Section 59, The Finance Act, 2005 (Act 18 of 2005).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 59
What does Section 59 of the Finance Act deal with?
Section 59 of the Finance Act is headed "Insertion of new section 271FB". 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.
How do I find court cases under Section 59 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2005 59, section 59 Finance Act 2005, section 59 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 59 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 271FA (Penalty for failure to furnish statement of financial transaction or reportable account), so none of them can safely be read on its own.
When was Section 59 of the Finance Act enacted?
Section 59 of the Finance Act, cited as Finance Act 2005 59, was enacted on 13 May 2005 as Act 18 of 2005. It is in force as at the date shown on this page.
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- 47. Amendment of section 153C350 words
- 19. Insertion of new section 72AA337 words
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