Tax Book 2023

Deduction / Payment of Tax Chapter- 23

i. Prizes on prize bonds and cross word 15%^

20%

30%

40%

Nil Final discharge Person making the Payment

puzzle payment.

ii. Winning from raffle, lottery, quiz, prize

offered by companies for sale Nil Final discharge do do

promotion

IMPORTANT NOTES

Where the prize is not in cash, then the person giving the prize shall collect the amount of tax due on the prize FMV.

Quote to prize money as car.

NON APPLICABILITY OF PROVISIONS OF TAX AT SOURCE U/S 154 UNDER VARIOUS CLAUSES OF PART IV OF 2ND SCHEDULE TO THE ITO, 2001:

U/C 16 Non application of minimum tax and other provisions on institutions of the Agha Khan Development Network (Pakistan).

For
ATL

12%

For

non-

ATL

24 %

156A

Petroleu

m

Product

s

Sale of petroleum product to Nil Final discharge Person selling the

At the time the

commission is

actually paid

to petrol pump operators. petroleum products

231A

Cash

Withdra

wal

from a

Bank

Omitted by Finance Act, 2021.

231AA

Advanc

e tax on

transact

Omitted by Finance Act, 2021.