1500 prize bond 3rd prize amount after tax depends upon your tax filing status. Rs 1,500 prize bond is the biggest denomination of National prize bonds. Its prizes are also bigger than other ones. If you are an active tax filer the rate is different and the prize bond deduction rate for the nonfiler is different. The government of Pakistan has given an opportunity for tax relaxation to the filers. The tax deduction rate for the filer is 15% and nonfilers are bound to pay 30%. The active filers are beneficial in many regards they have a significant percentage relaxation in the tax of prize money and many other taxes like property tax, motor vehicle taxes, etc.
3rd prize amount is Rs. 18,500/- subject to a tax deduction. Simple calculations for the 1500 prize bond 3rd prize amount after tax are given below.
The tax rate for filers is 15%. Let’s see the calculations
18,500 * 15 = 2,775
18,500 – 2,775 = 15,725
15,725 + 1,500 = 17,225
From the above calculations, it can be seen that Rs. 2,775 is deducted as the tax amount for the filers. The tax amount of Rs. 2,775 is removed from the prize amount of Rs. 18500. Then the net prize amount is Rs. 15,725. The face value of Rs. 1500 is added to the net prize amount of Rs. 15725. A filer claimant will get Rs. 17225 finally.
The tax rate for nonfiler is 30%. Let’s see the calculations
18,500 * 30 = 5,550
18,500 – 5,550 = 12,950
12,950 + 1,500 = 14450
From the above calculations, it is clear that Rs. 5,550 is deducted as the tax amount for the nonfilers. The tax amount of Rs. 5,550 is removed from the prize amount of Rs. 18,500. Then the net prize amount is Rs. 12,950. The face value of Rs. 1,500 is added to the net prize amount of Rs. 12,950. A nonfiler claimant will get Rs. 14,450.
- Filers Rs. 8,655/-
- Nonfilers Rs. 7,260/-
- Filers Rs. 1,262/-
- Nonfilers Rs. 1,075/-
100 prize bond 3rd prize amount after tax
- Filers Rs. 950/-
- Nonfilers Rs. 800/-
It is recommended to be a filer in Pakistan to enjoy tax relaxation. Secondly, it is also a requirement by the government to register yourself in FBR records. If you are not a filer and finding the process please go through how to become a filer in Pakistan.
Prize money details for all three prizes is given below.
1500 prize bond prize amount after tax
|Prize Money (PKR)||Filer (15% Tax)||Nonfiler (30% Tax)|
Plus Rs. 1500 is the face value of the prize bond.