08-13-2011, 04:45 PM
[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.
<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.
