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How To Calculate Zakat On A business In Ramadan 2012-13

Virtual Position Forum :: Members Lounge :: General Discussion Board :: Recipes Corner

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GMT + 3 Hours How To Calculate Zakat On A business In Ramadan 2012-13

Post by Diya Thu Aug 09, 2012 5:31 am

Zakât for a business is calculated on the Zakât due date (or estimated prior to that date) according to the following formula: (1) Appraised Merchandise Wholesale Value (PLUS) (2) Cash on Hand and in Deposit (PLUS) (3) Good Debt Owed to Business (MINUS) (4) Eligible Debt* (TIMES) (5) 2.5 percent (EQUALS) (6) Zakât Payment.

(AMWV+C+GD) -(ED) x 2.5 percent = Zakât Due


*Subtract eligible debts if you follow a juristic school (madhhab) that permits debt deduction. If the balance reaches nisâb (the monetary equivalent of 85 grams of pure gold), then Zakât is 2.5 percent on the balance. (Fiqh az-Zakât, 203, 213-216).
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