Prize bond tax deduction rate 2023 for non filer.

Prize bond tax deduction rate 2023 for non filer

Prize Bond Tax Calculator 2023

The Prize bond tax deduction rate 2023 for non filer in Pakistan in 2023 is 30%. It means that if you win a prize bond and you are not a filer, the State Bank, Banking Services Corporation (Bank) will deduct 30% of the prize money as tax at the time of payment of the prize money. The tax deduction rate for filers is 15%. This means that if you win a prize bond and you are a filer, the State Bank, Banking Services Corporation (Bank) will deduct 15% of the prize money as tax at source.

The tax deduction is made at the time of prize collection. You will need to provide your National Identity Card (NIC) or passport to the State Bank, Banking Services Corporation (Bank) office when you wish to collect your prize money.

The State Bank, Banking Services Corporation (Bank) office will then deduct the appropriate amount of tax and give you the remaining amount. If you are a non-filer and you win a prize bond, you can still claim a refund of the excess tax that was deducted. You will need to file your income tax return for the year in which you won the prize bond.

In your income tax return, you will need to claim a deduction for the prize money. The amount of the deduction will be equal to the difference between the 30% tax that was deducted and the 15% tax that would have been deducted if you were a filer.

For more information on prize bond tax, you can visit the National Savings website or contact the National Savings customer care center or any field office of the State Bank, Banking Services Corporation (Bank).

There are multiple financial benefits to becoming a filer in Pakistan. The Federal Board of Revenue (FBR) has made the filing process very easy. anyone can file their returns using the online portal of FBR the link is given Below.