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Zakat On A Single Source Of Income
AoA. My question is regarding zakat due on savings from a single source of income which has already been taxed e.g. Salary. Recently, Ghamidi sb explained that 10% zakat is to be given by an employed person on his/her salary.
Now, if a person has already paid 10% or more as taxes on salary and has still managed to save in cash, stocks, bonds, etc from the taxed salary, will 2.5% zakat still be valid on these savings after an year?
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4 Replies
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Zakat On A Single Source Of Income
updated 3 years ago
4 Members
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4
Replies
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Yes, but only if the savings is not saved for a particular task in future.
2.5 % of Zakat is applicable on saved wealth, which anyone have for no purpose in future.
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Please find summarized law of Zakat here:
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Thank you for the response and link @altmash and @UmerQureshi
Just so that I can be sure that I have understood correctly, could you please verify if the following is a valid assumption:
Yearly Salary: 100,000
Yearly Tax (30%): 30,000
Zakat liable (10%): 10,000
Extra deducted: 20,000 (30,000-10,000)
Savings (as investment): 50,000
Nisab Silver (assumed): 400
Zakat liable amount: 49,600
Zakat liable (2.5%): 1,240
But since 20,000 surplus was already deducted from yearly salary then its safe to assume that 1,240 on savings can be adjusted in this amount and waived off from Zakah?
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This is correct.
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