Zakat On Service Business Income
Thank you so much for your detailed and helpful answer. I really appreciate you taking the time to explain everything so clearly. I just have a few follow-up questions that I wanted to clarify. First, what is the correct time frame for paying zakat on production? Should it be calculated and paid yearly, or can it be paid on a monthly basis? Secondly, I have been contributing 10% in advance every month. However, my main concern is that I was not sure whether zakat was applicable on production or on business profits. Because of this uncertainty, I used to give that amount with the intention of general charity rather than zakat. In this case, do I need to re-calculate and pay zakat again properly? My last question is regarding business savings. Do I need to pay zakat on the amount I have saved as a backup or emergency fund for the business? JazakAllah khair for your guidance. I look forward to your advice.