29.
Insertion of new section 115WKB.- After section 115WKA
of the Income-tax Act, the following section shall be inserted,
namely:-
Deemed payment of tax by employee.-
"115WKB. (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.". |
