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Zakat On Recurring Income & Cash Savings (Tax Already Paid On Bonus)
I got employee bonus in Feb 2024 & income tax was deducted from it as per government policy. I consider income tax as a form of zakat. After deduction of tax, a certain amount is safe as a cash in my account. I pay zakat on 1st ramzan every year. I need to ask that whether zakat would be applicable on this cash saving of bonus even when the income tax has been deducted from it.
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1 Reply
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Zakat On Recurring Income & Cash Savings (Tax Already Paid On Bonus)
updated 7 months, 3 weeks ago
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Zakat on salary or bonus, a part of salaried benefit, is separate from that of savings. Zakat on salary is 10 percent of of the salary and zakat on savings is 2.5 percent per annum. Taxes paid are counted as zakat. You have to pay zakat on savings in addition to zakat on salary.
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