Section 115WKB - Deemed payment of tax by employee.

Recovered employer-paid fringe benefit tax deemed paid only to extent of that employee's benefit value; not refundable or creditable

Where an employer pays fringe benefit tax for allotment or transfer of specified securities or sweat equity shares and subsequently recovers that tax from an employee, the recovered amount is deemed to be tax paid by the employee only to the extent it relates to the value of the fringe benefit provided to that employee as determined under the Act. Such deemed payment cannot be refunded to the employee nor credited against the employee's tax on other income or any other tax liability.