I want to discuss some ZAKAT matters as following.
– I am running business and working with Government and Private Organisations.
– We are paying regular taxes Sales Tax & In our every payment Government / Private Organisations deduct 4.5% Income Tax.
– We are calculating Zakat on our Gold + Cash with us.
– We are calculating Zakat on the products which are in stock for 1 YEAR. (IS THIS CORRECT AND WHAT ABOUT UPCOMING STOCK, Should we calculate?)
– And what about Cash in Banks? How can we calculate that AMOUNT? How can we separate Yearly Profit from that amount? Kindly suggest.