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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Employers Face Daily Penalties for Failing to Submit Fringe Benefits Returns Under Section 271FB of Income-tax Act</h1> Section 271FB, introduced by the Finance Act, 2005, effective April 1, 2006, mandates penalties for employers who fail to submit a return of fringe benefits as required under section 115WD(1) of the Income-tax Act. If the employer does not file the return within the prescribed timeframe, the Assessing Officer can impose a penalty of one hundred rupees for each day the default persists.
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