Exemptions
Instance where the aggregate value of all prizes awarded in any prize competition is less than rupees one hundred thousand. The prize shall be free of the Competition Tax.
Tax Value of the prize Pro- Rate Tax
1 Less than Rs. 100000/- exempted
2 A Pro-Rata Tax shall be charge on the
Total market value of the prizes 20%
Any person who intends to promote or conduct a prize competition within the province shall obtained a license for purpose in terms of provicence in this statute 14 days before the announcement of the competition.
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