LAHORE: The National Savings Centre in Lahore is scheduled to conduct the Rs750 prize bond draw No. 107 today.
Holders of the Rs750 prize bond are eagerly awaiting the results, as the computerized balloting process will determine the winners of the cash prizes.
Participants are hoping to secure one of the top rewards as the draw reveals the lucky bond numbers.
750 Prize Bond Winning Amount
The Rs. 750 prize bond draw features three categories of cash prizes.
First prize
The first prize is worth Rs. 1,500,000 and will be awarded to one lucky winner.
Second prize
The second prize of Rs. 500,000 will be given to three winners.
Third prize
On the other hand, the third prize of Rs. 9,300 will be awarded to 1,696 winners.
Tax on Cash Prizes
However, the cash prizes are subject to a government withholding tax of 15% for tax filers and 30% for non-filers.
For the Rs750 Prize Bond, the cash prizes are subject to withholding tax deductions based on the winner’s tax status. Tax filers face a 15% deduction, while non-filers are charged a 30% deduction.
A winner of the first prize of Rs. 1,500,000 will receive Rs. 1,275,000 after tax deduction as a filer, while a non-filer will receive Rs. 1,050,000 after the 30% tax deduction.
For the second prize of Rs. 500,000, a tax filer will receive Rs. 425,000, whereas a non-filer will get Rs. 350,000 after the applicable tax is deducted.
The third prize of Rs. 9,300 will be reduced to Rs. 7,905 for filers and Rs. 6,510 for non-filers after tax deductions.
Final amounts received:
A tax filer winning the 1st prize receives Rs. 1,275,000
A non-filer winning the 1st prize receives Rs. 1,050,000
A tax filer winning the 2nd prize receives Rs. 425,000
A non-filer winning the 2nd prize receives Rs. 350,000
A tax filer winning the 3rd prize receives Rs. 7,905