Section 59 - Insertion of new section 271FB - Finance Act, 2005

59 . Insertion of new section 271FB.- 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 subsection, 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.".