I have some questions about zakat.. lets say the nisab is 10,000
I pay zakat at 1st of ramadahan. I have cash in my hand / bank around 8,000 at the first of ramadhan. At the same time, 6 months ago, i started a small business, and now the asset is about 20,000. Do I have to pay zakat this year? Do I have a separate calculation about cash in bank and hand and my business, and pay their zakat separately ? This business is not an official businness with office etc, is a home-business selling some halal food for some muslim workers here in japan, but somehow it has become a bit bigger now. My money in deposit is part of my salary as well as my business ( i don’t make a proper calculation about the business, since I intend to do it occasionaly when I have time only). Please explain..
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatuh
At end of your zakātable year, which is 1st of Ramadān, you add up all your wealth, regardless of when it was earned. Thereafter, you subtract your expenses and calculate zakāh on the leftover if it is more than nisāb.
Thus, even though the business only started six months ago, you will add 8,000 to 20,000 and pay 2.5% on 28,000 (minus any expenses).
And Allah knows best
Ml. Abrar Mirza,
Student Darul Iftaa
Darul Iftaa, Madrassah In’aamiyyah