08-13-2011, 09:24 PM
Please refer to any bank's personnel(for your knowledge only) zakat is deducted by bank at the time of payment of profit on debt.#8626;This zakat is not deductible allowance u/s 60. One may diagree on the basis of referrence to the law<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by student_of_law</i>
<br />[quote]<i>Originally posted by Sayub</i>
<br />please clarify zakat deducted by bank at the time of payment of profit on debt is deductible allowance or not. [quote]
Zakat is not deducted with payment of profit on debt. It is deducted on the first day of Ramazan, according to Zakat & Ushr Ordinance, 1980. Zakat deducted by bank is deductible allowance.
Deduction at the time of payment of profit on debt is that of withholding income tax. This is final tax.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
<br />[quote]<i>Originally posted by Sayub</i>
<br />please clarify zakat deducted by bank at the time of payment of profit on debt is deductible allowance or not. [quote]
Zakat is not deducted with payment of profit on debt. It is deducted on the first day of Ramazan, according to Zakat & Ushr Ordinance, 1980. Zakat deducted by bank is deductible allowance.
Deduction at the time of payment of profit on debt is that of withholding income tax. This is final tax.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
