Section 115WKBCentral Act

Section 115WKB: [ Deemed payment of tax by employee. [ Inserted by Act 18 of 2008, Section 29 (w.e.f. 1.4.2008).]

The Income-tax Act, 1961

[ Deemed payment of tax by employee. [ Inserted by Act 18 of 2008, Section 29 (w.e.f. 1.4.2008).]

(1)

Where an employer has paid any fringe benefit tax with respect to allotment or transfer of specified security or sweat equity shares, referred to in clause (d) of sub-section (1) of section 115-WB, and has recovered such tax subsequently from an employee, it shall be deemed that the fringe benefit tax so recovered is the tax paid by such employee in relation to the value of the fringe benefit provided to him only to the extent to which the amount thereof relates to the value of the fringe benefit provided to such employee, as determined under clause (ba) of sub-section (1) of section 115-WC.

(2)

Notwithstanding anything contained in any other provisions of this Act, where the fringe benefit tax recovered from the employee is deemed to be the tax paid by such employee under sub-section (1), such employee shall, under this Act, not be entitled to claim-

(i)

any refund out of such payment of tax; or

(ii)

any credit of such payment of tax against tax liability on other income or against any other tax liability.]

Sec 115WKA — [ Recovery of fringe benefit tax by the employer from the employee. [ Inserted by Act 22 of 2007, Section 41 (w.e.f. 1.4.2007).]

Sec 115WL — Application of other provisions of this Act

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