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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