On 1/20/12, mc100202612 Ihsan Ahmad <mc100202612@vu.edu.pk> wrote:
> Rs.500,000/- is taxable as extraordinary payment received.
> Rs.360,000/- net of tax as prize on prize bond is not taxable as tax is
> already deducted from the prize and that is final discharge of tax.
> above is my point of view
>
>
> On Thu, Jan 19, 2012 at 5:44 PM, mc100200990 Kanwal Arif <
> mc100200990@vu.edu.pk> wrote:
>
>> Please tell me its calculation and effect in FIN623 assigment
>>
>> H received Rs. 500,000 from Mr. Ali, a client of Bricks, in
>> appreciation of his extraordinary efforts in meeting the due date of
>> completion of a building project of Mr. Ali. As there was no agreement
>> between H and Ali for the payment of the Rs. 500,000 and the payment
>> made by Ali were voluntary, H contends that the Rs. 500,000 received
>> is in the nature of a windfall and is therefore not taxable.
>>
>> &
>>
>> Rs. 360,000 (net of tax deducted) was received by H in the tax year
>> 2012 as a prize on a prize bond.
>>
>>
>> regards,
>>
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