Section 271FB - Penalty for failure to furnish return of fringe benefits - Income-tax Act, 1961

1 [Penalty for failure to furnish return of fringe benefits. 271FB. 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. ] --------------------------- Notes :- 1. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.