I am a private tutor and earn money through fees of the tuitions. Till end of year 2018, I accumulated 4 lakh. Now this year in 2019, by end Shaban my TOTAL amount in bank would be 8 lakh (that is 4 lakh of year 2018+4 lakh earned from Ramadan of 2018 till Shaban of 2019). I have a loan of Rs 75000. So how much Zakat will I have to pay?
بسم الله الرحمن الرحيم
(Fatwa: 816/707/SD=09/1440)
You will have to pay zakah on the remaining amount after deducting 75000 from eight lakh.
Allah knows Best!
Darul Ifta,
Darul Uloom Deoband