Chapter I|Chapter II|Chapter III|Chapter IV|Chapter V|Chapter VI|Chapter VIA|Chapter VII|Chapter VIII|Chapter IX|Chapter X|Chapter X-A|Chapter XI – Chapter XII|Chapter XII-A|Chapter XII-B|Chapter XII-BA|Chapter XII-BB|Chapter XII-BC|Chapter XII-C|Chapter XII-D|Chapter XII-DA|Chapter XII-E|Chapter XII-EA|Chapter XII-EB|Chapter XII-F|Chapter XII-FA|Chapter XII-FB|Chapter XII-G|Chapter XII-H|Chapter XIII|Chapter XIV|Chapter XIV-A|Chapter XIV-B|Chapter XV|Chapter XVI|Chapter XVII|Chapter XVIII|Chapter XIX|Chapter XIX-A|Chapter XIX-B|Chapter XX|Chapter XX-A|Chapter XX-B|Chapter XX-C|Chapter XXI|Chapter XXII|Chapter XXIIB|Chapter – XXIII
CHAPTER XII-H
INCOME-TAX ON FRINGE BENEFITS
A.—Meaning of certain expressions
115W. Definitions.
In this Chapter, unless the context otherwise requires,—
(a)”employer” means,—
(i)a company;
(ii)a firm;
(iii)an association of persons or a body of individuals, whether incorporated or not;
(iv)a local authority; and
(v)every artificial juridical person, not falling within any of the preceding sub-clauses:
Provided that any person eligible for exemption under clause (23C) of section 10 or registered under section 12AA or a political party registered under section 29A of the Representation of the People Act, 1951 (43 of 1951) shall not be deemed to be an employer for the purposes of this Chapter;
(b)”fringe benefit tax” or “tax” means the tax chargeable under section 115WA.
B.—Basis of charge
115WA. Charge of fringe benefit tax.
(1) In addition to the income-tax charged under this Act, there shall be charged for every assessment year commencing on or after the 1st day of April, 2006, additional income-tax (in this Act referred to as fringe benefit tax) in respect of the fringe benefits provided or deemed to have been provided by an employer to his employees during the previous year at the rate of thirty per cent on the value of such fringe benefits.
(2) Notwithstanding that no income-tax is payable by an employer on his total income computed in accordance with the provisions of this Act, the tax on fringe benefits shall be payable by such employer.
115WB. Fringe benefits.
(1) For the purposes of this Chapter, “fringe benefits” means any consideration for employment provided by way of—
(a)any privilege, service, facility or amenity, directly or indirectly, provided by an employer, whether by way of reimbursement or otherwise, to his employees (including former employee or employees);
(b)any free or concessional ticket provided by the employer for private journeys of his employees or their family members;
(c)any contribution by the employer to an approved superannuation fund for employees ; and
(d)any specified security or sweat equity shares allotted or transferred, directly or indirectly, by the employer free of cost or at concessional rate to his employees (including former employee or employees).
Explanation.—For the purposes of this clause,—
(i)”specified security” means the securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and, where employees’ stock option has been granted under any plan or scheme therefor, includes the securities offered under such plan or scheme;
(ii)”sweat equity shares” means equity shares issued by a company to its employees or directors at a discount or for consideration other than cash for providing know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called.
(2) The fringe benefits shall be deemed to have been provided by the employer to his employees, if the employer has, in the course of his business or profession (including any activity whether or not such activity is carried on with the object of deriving income, profits or gains) incurred any expense on, or made any payment for, the following purposes, namely:—
(A)entertainment;
(B)provision of hospitality of every kind by the employer to any person, whether by way of provision of food or beverages or in any other manner whatsoever and whether or not such provision is made by reason of any express or implied contract or custom or usage of trade but does not include—
(i)any expenditure on, or payment for, food or beverages provided by the employer to his employees in office or factory;
(ii)any expenditure on or payment through paid vouchers which are not transferable and usable only at eating joints or outlets;
(iii)any expenditure on or payment through non-transferable pre-paid electronic meal card usable only at eating joints or outlets and which fulfils such other conditions as may be prescribed9;
(C) conference (other than fee for participation by the employees in any conference).
Explanation.—For the purposes of this clause, any expenditure on conveyance, tour and travel (including foreign travel), on hotel, or boarding and lodging in connection with any conference shall be deemed to be expenditure incurred for the purposes of conference;
(D)sales promotion including publicity:
Provided that any expenditure on advertisement,—
(i)being the expenditure (including rental) on advertisement of any form in any print (including journals, catalogues or price lists) or electronic media or transport system;
(ii)being the expenditure on the holding of, or the participation in, any press conference or business convention, fair or exhibition;
(iii)being the expenditure on sponsorship of any sports event or any other event organised by any Government agency or trade association or body;
(iv) being the expenditure on the publication in any print or electronic media of any notice required to be published by or under any law or by an order of a court or tribunal;
(v)being the expenditure on advertisement by way of signs, art work, painting, banners, awnings, direct mail, electric spectaculars, kiosks, hoardings, bill boards , display of products or by way of such other medium of advertisement;
(vi)being the expenditure by way of payment to any advertising agency for the purposes of clauses (i) to (v) above;
(vii) being the expenditure on distribution of samples either free of cost or at concessional rate; and
(viii) being the expenditure by way of payment to any person of repute for promoting the sale of goods or services of the business of the employer,
shall not be considered as expenditure on sales promotion including publicity;
(E)employees’ welfare.
Explanation.—For the purposes of this clause, any expenditure incurred or payment made to—
(i)fulfil any statutory obligation; or
(ii)mitigate occupational hazards; or
(iii)provide first aid facilities in the hospital or dispensary run by the employer; or
(iv)provide creche facility for the children of the employee; or
(v)sponsor a sportsman, being an employee; or
(vi)organise sports events for employees,
shall not be considered as expenditure for employees’ welfare;
(F)conveyance;
(G) use of hotel, boarding and lodging facilities;
(H)repair, running (including fuel), maintenance of motor cars and the amount of depreciation thereon;
(I)repair, running (including fuel) and maintenance of aircrafts and the amount of depreciation thereon;
(J)use of telephone (including mobile phone) other than expenditure on leased telephone lines;
(K)[***]
(L)festival celebrations;
(M) use of health club and similar facilities;
(N) use of any other club facilities;
(O) gifts; and
(P) scholarships;
(Q) tour and travel (including foreign travel).
(3) For the purposes of sub-section (1), the privilege, service, facility or amenity does not include perquisites in respect of which tax is paid or payable by the employee or any benefit or amenity in the nature of free or subsidised transport or any such allowance provided by the employer to his employees for journeys by the employees from their residence to the place of work or such place of work to the place of residence.
115WC. Value of fringe benefits.
(1) For the purposes of this Chapter, the value of fringe benefits shall be the aggregate of the following, namely:—
(a)cost at which the benefits referred to in clause (b) of sub-section (1) of section 115WB, is provided by the employer to the general public as reduced by the amount, if any, paid by, or recovered from, his employee or employees:
Provided that in a case where the expenses of the nature referred to in clause (b) of sub-section (1) of section 115WB are included in any other clause of sub-section (2) of the said section, the total expenses included under such other clause shall be reduced by the amount of expenditure referred to in the said clause (b) for computing the value of fringe benefits;
(b)the amount of contribution, referred to in clause (c) of sub-section (1) of section 115WB, which exceeds one lakh rupees in respect of each employee;
(ba) the fair market value of the specified security or sweat equity shares referred to in clause (d) of sub-section (1) of section 115WB, on the date on which the option vests with the employee as reduced by the amount actually paid by, or recovered from, the employee in respect of such security or shares.
Explanation.—For the purposes of this clause,—
(i)”fair market value” means the value determined in accordance with the method as may be prescribed10 by the Board;
(ii)”option” means a right but not an obligation granted to an employee to apply for the specified security or sweat equity shares at a predetermined price;
(c)twenty per cent of the expenses referred to in clauses (A) to (L) of sub-section (2) of section 115WB;
(d)fifty per cent of the expenses referred to in clauses (M) to (P) of sub-section (2) of section 115WB;
(e)five per cent of the expenses referred to in clause (Q) of sub-section (2) of section 115WB.
(2) Notwithstanding anything contained in sub-section (1),—
(a)in the case of an employer engaged in the business of hotel, the value of fringe benefits for the purposes referred to in clause (B) of sub-section (2) of section 115WB shall be “five per cent” instead of “twenty per cent” referred to in clause (c) of sub-section (1);
(aa) in the case of an employer engaged in the business of carriage of passengers or goods by aircraft, the value of fringe benefits for the purposes referred to in clause (B) of sub-section (2) of section 115WB shall be “five per cent” instead of “twenty per cent” referred to in clause (c) of sub-section (1);
(ab) in the case of an employer engaged in the business of carriage of passengers or goods by ship, the value of fringe benefits for the purposes referred to in clause (B) of sub-section (2) of section 115WB shall be “five per cent” instead of “twenty per cent” referred to in clause (c) of sub-section (1);
(b)in the case of an employer engaged in the business of construction, the value of fringe benefits for the purposes referred to in clause (F) of sub-section (2) of section 115WB shall be “five per cent” instead of “twenty per cent” referred to in clause (c) of sub-section (1);
(c)in the case of an employer engaged in the business of manufacture or production of pharmaceuticals, the value of fringe benefits for the purposes referred to in clauses (F) and (G) of sub-section (2) of section 115WB shall be “five per cent” instead of “twenty per cent” referred to in clause (c) of sub-section (1);
(d)in the case of an employer engaged in the business of manufacture or production of computer software, the value of fringe benefits for the purposes referred to in clauses (F) and (G) of sub-section (2) of section 115WB shall be “five per cent” instead of “twenty per cent” referred to in clause (c) of sub-section (1);
(da) in the case of an employer engaged in the business of carriage of passengers or goods by aircraft, the value of fringe benefits for the purposes referred to in clause (G) of sub-section (2) of section 115WB shall be “five per cent” instead of “twenty per cent” referred to in clause (c) of sub-section (1);
(db) in the case of an employer engaged in the business of carriage of passengers or goods by ship, the value of fringe benefits for the purposes referred to in clause (G) of sub-section (2) of section 115WB shall be “five per cent” instead of “twenty per cent” referred to in clause (c) of sub-section (1);
(e)in the case of an employer engaged in the business of carriage of passengers or goods by motor car, the value of fringe benefits for the purposes referred to in clause (H) of sub-section (2) of section 115WB shall be “five per cent” instead of “twenty per cent” referred to in clause (c) of sub-section (1);
(f)in the case of an employer engaged in the business of carriage of passengers or goods by aircraft, the value of fringe benefits for the purposes referred to in clause (I) of sub-section (2) of section 115WB shall be taken as Nil.
C.—Procedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof
115WD. Return of fringe benefits.
(1) Without prejudice to the provisions contained in section 139, every employer who during a previous year has paid or made provision for payment of fringe benefits to his employees, shall, on or before the due date, furnish or cause to be furnished a return of fringe benefits to the Assessing Officer in the prescribed form11 and verified in the prescribed manner and setting forth such other particulars as may be prescribed, in respect of the previous year.
Explanation.—In this sub-section, “due date” means,—
(a)where the employer is—
(i)a company; or
(ii)a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force,
the 30th day of September of the assessment year;
(b)in the case of any other employer, the 31st day of July of the assessment year.
(2) In the case of any employer who, in the opinion of the Assessing Officer, is responsible for paying fringe benefit tax under this Act and who has not furnished a return under sub-section (1), the Assessing Officer may, after the due date, issue a notice to him and serve the same upon him, requiring him to furnish within thirty days from the date of service of the notice, the return in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.
(3) Any employer responsible for paying fringe benefit tax who has not furnished a return within the time allowed under sub-section (1) or within the time allowed under a notice issued under sub-section (2), may furnish the return for any previous year, at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
(4) If any employer, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (2), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
115WE. Assessment.
(1) Where a return has been made under section 115WD, such return shall be processed in the following manner, namely:—
(a)the value of fringe benefits shall be computed after making the following adjustments, namely:—
(i)any arithmetical error in the return; or
(ii)an incorrect claim, if such incorrect claim is apparent from any information in the return;
(b)the tax and interest, if any, shall be computed on the basis of the value of fringe benefits computed under clause (a);
(c)the sum payable by, or the amount of refund due to, the assessee shall be determined after adjustment of the tax and interest, if any, computed under clause (b) by any advance tax paid, any tax paid on self-assessment and any amount paid otherwise by way of tax or interest;
(d)an intimation shall be prepared or generated and sent to the assessee specifying the sum determined to be payable by, or the amount of refund due to, the assessee under clause (c); and
(e)the amount of refund due to the assessee in pursuance of the determination under clause (c) shall be granted to the assessee:
Provided that no intimation under this sub-section shall be sent after the expiry of one year from the end of the financial year in which the return is made.
Explanation.—For the purposes of this sub-section,—
(a)”an incorrect claim apparent from any information in the return” shall mean a claim, on the basis of an entry, in the return,—
(i)of an item, which is inconsistent with another entry of the same or some other item in such return;
(ii)in respect of which the information required to be furnished to substantiate such entry has not been so furnished under this Act; or
(iii)in respect of a deduction or value of fringe benefits, where such deduction or value exceeds specified statutory limit which may have been expressed as monetary amount or percentage or ratio or fraction;
(b)the acknowledgement of the return shall be deemed to be the intimation in a case where no sum is payable by, or refundable to, the assessee under clause (c), and where no adjustment has been made under clause (a).
(1A) For the purposes of processing of returns under sub-section (1), the Board may make a scheme for centralised processing of returns with a view to expeditiously determining the tax payable by, or the refund due to, the assessee as required under that sub-section.
(1B) Save as otherwise expressly provided, for the purpose of giving effect to the scheme made under sub-section (1A), the Central Government may, by notification in the Official Gazette, direct that any of the provisions of this Act relating to processing of returns shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in that notification; so, however, that no direction shall be issued after the 31st day of March, 2011.
(1C) Every notification issued under sub-section (1B), along with the scheme made under sub-section (1A), shall, as soon as may be after the notification is issued, be laid before each House of Parliament.
(2) Where a return has been furnished under section 115WD, the Assessing Officer shall, if he considers it necessary or expedient to ensure that the assessee has not understated the value of fringe benefits or has not underpaid the tax in any manner, serve on the assessee a notice requiring him on a date to be specified therein, either to attend his office or to produce, or cause to be produced, any evidence on which the assessee may rely in support of the return:
Provided that no notice under this sub-section shall be served on the assessee after the expiry of six months from the end of the financial year in which the return is furnished.
(3) On the day specified in the notice issued under sub-section (2), or as soon afterwards as may be, after hearing such evidence as the assessee may produce and such other evidence as the Assessing Officer may require on specified points, and after taking into account all relevant material which he has gathered, the Assessing Officer shall, by an order in writing, make an assessment of the value of the fringe benefits paid or payable by the assessee, and determine the sum payable by him or refund of any amount due to him on the basis of such assessment.
(4) Where a regular assessment under sub-section (3) or section 115WF is made,—
(a)any tax or interest paid by the assessee under sub-section (1) shall be deemed to have been paid towards such regular assessment;
(b)if no refund is due on regular assessment or the amount refunded under sub-section (1) exceeds the amount refundable on regular assessment, the whole or the excess amount so refunded shall be deemed to be tax payable by the assessee and the provisions of this Act shall apply accordingly.
115WF. Best judgment assessment.
If any person, being an employer—
(a)fails to make the return required under sub-section (1) of section 115WD and has not made a return under sub-section (3) or a revised return under sub-section (4) of that section, or
(b)fails to comply with all the terms of a notice issued under sub-section (2) of section 115WD or fails to comply with a direction issued under sub-section (2A) of section 142, or
(c)having made a return, fails to comply with all the terms of a notice issued under sub-section (2) of section 115WE,
the Assessing Officer, after taking into account all relevant material which the Assessing Officer has gathered, shall, after giving the assessee an opportunity of being heard, make the assessment of the fringe benefits to the best of his judgment and determine the sum payable by the assessee on the basis of such assessment:
Provided that such opportunity shall be given by the Assessing Officer by serving a notice calling upon the assessee to show cause, on a date and time to be specified in the notice as to why the assessment should not be completed to the best of his judgment:
Provided further that it shall not be necessary to give such opportunity in a case where a notice under sub-section (2) of section 115WD has been issued prior to the making of an assessment under this section.
115WG. Fringe benefits escaping assessment.
If the Assessing Officer has reason to believe that any fringe benefits chargeable to tax have escaped assessment for any assessment year, he may, subject to the provisions of sections 115WH, 150 and 153, assess or reassess such fringe benefits and also any other fringe benefits chargeable to tax which have escaped assessment and which come to his notice subsequently in the course of the proceedings under this section, for the assessment year concerned (hereafter referred to as the relevant assessment year).
Explanation.—For the purposes of this section, the following shall also be deemed to be cases where fringe benefits chargeable to tax have escaped assessment, namely:—
(a)where no return of fringe benefits has been furnished by the assessee;
(b)where a return of fringe benefits has been furnished by the assessee but no assessment has been made and it is noticed by the Assessing Officer that the assessee has understated the value of fringe benefits in the return;
(c)where an assessment has been made, but the fringe benefits chargeable to tax have been under-assessed.
115WH. Issue of notice where fringe benefits have escaped assessment.
(1) Before making the assessment or reassessment under section 115WG, the Assessing Officer shall serve on the assessee a notice requiring him to furnish within such period as may be specified in the notice, a return of the fringe benefits in respect of which he is assessable under this Chapter during the previous year corresponding to the relevant assessment year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed, and the provisions of this Chapter shall, so far as may be, apply accordingly as if such return were a return required to be furnished under section 115WD.
(2) The Assessing Officer shall, before issuing any notice under this section, record his reasons for doing so.
(3) No notice under sub-section (1) shall be issued for the relevant assessment year after the expiry of six years from the end of the relevant assessment year.
Explanation.—In determining fringe benefits chargeable to tax which have escaped assessment for the purposes of this sub-section, the provisions of the Explanation to section 115WG shall apply as they apply for the purposes of that section.
(4) In a case where an assessment under sub-section (3) of section 115WE or section 115WG has been made for the relevant assessment year, no notice shall be issued under sub-section (1) by an Assessing Officer, after the expiry of four years from the end of the relevant assessment year, unless the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner is satisfied, on the reasons recorded by the Assessing Officer, that it is a fit case for the issue of such notice.
115WI. Payment of fringe benefit tax.
Notwithstanding that the regular assessment in respect of any fringe benefits is to be made in a later assessment year, the tax on such fringe benefits shall be payable in advance during any financial year, in accordance with the provisions of section 115WJ, in respect of the fringe benefits which would be chargeable to tax for the assessment year immediately following that financial year, such fringe benefits being hereafter in this Chapter referred to as the “current fringe benefits”.
115WJ. Advance tax in respect of fringe benefits.
(1) Every assessee who is liable to pay advance tax under section 115WI, shall on his own accord, pay advance tax on his current fringe benefits calculated in the manner laid down in sub-section (2).
(2) Advance tax on the current fringe benefits shall be payable by—
(a) all the companies, who are liable to pay the same in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in Table I below :
TABLE I
| Due date of instalment | Amount payable | |
| On or before the 15th June | Not less than fifteen per cent of such advance tax. | |
| On or before the 15th September | Not less than forty-five per cent of such advance tax as reduced by the amount, if any, paid in the earlier instalment. | |
| On or before the 15th December | Not less than seventy-five per cent of such advance tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments. | |
| On or before the 15th March | The whole amount of such advance tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments; |
(b) all the assessees (other than companies), who are liable to pay the same in three instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in Table II below :
TABLE II
| Due date of instalment | Amount payable | |
| On or before the 15th September | Not less than thirty per cent of such advance tax. | |
| On or before the 15th December | Not less than sixty per cent of such advance tax as reduced by the amount, if any, paid in the earlier instalment. | |
| On or before the 15th March | The whole amount of such advance tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments. |
(3) Where an assessee, being a company, has failed to pay the advance tax payable by him on or before the due date for any instalment or where the advance tax paid by him is less than the amount payable by the due date, he shall be liable to pay simple interest calculated at the rate of—
(i) one per cent per month, for three months on an amount by which the advance tax paid on or before the 15th June of the financial year falls short of fifteen per cent of the advance tax payable;
(ii) one per cent per month, for three months on an amount by which the advance tax paid on or before the 15th September of the financial year falls short of forty-five per cent of the advance tax payable;
(iii) one per cent per month, for three months on an amount by which the advance tax paid on or before the 15th December of the financial year falls short of seventy-five per cent of the advance tax payable; and
(iv) one per cent on an amount by which the advance tax paid on or before the 15th March of the financial year falls short of hundred per cent of the advance tax payable.
(4) Where an assessee, being a person other than a company, has failed to pay the advance tax payable by him on or before the due date for any instalment or where the advance tax paid by him is less than the amount payable by the due date, he shall be liable to pay simple interest cal-culated at the rate of—
(i) one per cent per month, for three months on an amount by which the advance tax paid on or before the 15th September of the financial year falls short of thirty per cent of the advance tax payable;
(ii) one per cent per month, for three months on an amount by which the advance tax paid on or before the 15th December of the financial year falls short of sixty per cent of the advance tax payable; and
(iii) one per cent on an amount by which the advance tax paid on or before the 15th March of the financial year falls short of hundred per cent of the advance tax payable.
(5) Where an assessee has failed to pay the advance tax payable by him during a financial year or where the advance tax paid by him is less than ninety per cent of the tax assessed under section 115WE or section 115WF or section 115WG, the assessee shall be liable to pay simple interest at the rate of one per cent per month, for every month or part of a month comprised in the period from the 1st day of April next following such financial year to the date of assessment of tax under section 115WE or section 115WF or section 115WG.
115WK. Interest for default in furnishing return of fringe benefits.
(1) Where the return of fringe benefits for any assessment year under sub-section (1) or sub-section (3) of section 115WD or in response to a notice under sub-section (2) of that section, is furnished after the due date, or is not furnished, the employer shall be liable to pay simple interest at the rate of one per cent for every month or part of a month comprised in the period commencing on the date immediately following the due date, and,—
(a)where the return is furnished after the due date, ending on the date of furnishing of the return; or
(b)where no return has been furnished, ending on the date of completion of the assessment under section 115WF,
on the amount of the tax on the value of fringe benefits as determined under sub-section (1) of section 115WE or regular assessment as reduced by the advance tax paid under section 115WJ.
Explanation 1.—In this section, “due date” means the date specified in the Explanation to sub-section (1) of section 115WD as applicable in the case of the employer.
Explanation 2.—Where, in relation to an assessment year, an assessment is made for the first time under section 115WG, the assessment so made shall be regarded as a regular assessment for the purposes of this section.
(2) The provisions contained in sub-sections (2) to (4) of section 234A shall, so far as may be, apply to this section.
115WKA. Recovery of fringe benefit tax by the employer from the employee.
Notwithstanding anything contained in any agreement or scheme under which any specified security or sweat equity shares referred to in clause (d) of sub-section (1) of section 115WB has been allotted or transferred, directly or indirectly, by the employer on or after the 1st day of April, 2007, it shall be lawful for the employer to vary the agreement or scheme under which such specified security or sweat equity shares has been allotted or transferred so as to recover from the employee the fringe benefit tax to the extent to which such employer is liable to pay the fringe benefit tax in relation to the value of fringe benefits provided to the employee and determined under clause (ba) of sub-section (1) of section 115WC.
115WKB. Deemed payment of tax by employee.
(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 115WB, 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 115WC.
(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.
115WL. Application of other provisions of this Act.
Save as otherwise provided in this Chapter, all other provi- sions of this Act shall, as far as may be, apply in relation to fringe benefits also.
115WM. Chapter XII-H not to apply after a certain date.
Nothing contained in this Chapter shall apply, in respect of any assessment for the assessment year commencing on the 1st day of April, 2010 or any subsequent assessment year.
