Zakat tax? how to avoid cash withdrawl?

[tarrun]

I have money in bank account and i got Zakat affadavit form but problem is banks generally require 30 days old Zakat form.What can i do to avoid zakat tax? Can i buy prize bonds instead? There is also cash withdrawl fee apparently so if i buy prize bonds i can avoid that and then cash my prize bonds at state bank? Is that possible?

[muzamil_r0cKy]

I don't know much about it, but there's something like a shia form, If one fills it, Zakat is not deducted.

[nasirjavaid]

I once got that zakat exemption form 10 years ago.... but since then its in my briefcase and had not enough courage to deposit in bank

Reason: one line that says "I swear by Allah that the info provided is true"

Better put ur money in current account or there are many other investments schemes that deduct no zakat.

[tarrun]

I once got that zakat exemption form 10 years ago.... but since then its in my briefcase and had not enough courage to deposit in bank

Reason: one line that says "I swear by Allah that the info provided is true"

Better put ur money in current account or there are many other investments schemes that deduct no zakat.

which investment schemes?
Plus, may be i can open a current account and deposit money in it?Someone gave me idea that i should go and ask bank for high value domain prize bonds like 10,000 rs that way i can have these bonds and deposit it back later.Is that possible?

[nasirjavaid]

SomevNational saving schemes. Didn't get ur idea of bonds deposited in bank?
U can get bonds like 40,000.

[shabbir.53]

Discuss with your bank manager, you can get a pay order made in your name for total amount minus 50,000. Then deposit it back in your account after zakat has been deducted by the bank. This will take care of your immediate problem.

[tarrun]

Discuss with your bank manager, you can get a pay order made in your name for total amount minus 50,000. Then deposit it back in your account after zakat has been deducted by the bank. This will take care of your immediate problem.

I will discuss with manager. Payorder sounds like great idea as well.

[dms664]

I don't know much about it, but there's something like a shia form, If one fills it, Zakat is not deducted.

If you have current account, then zakat ll not b deducted.

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[iffi5]

banks have a product CDR ...u can use that..in that case ur all money will be converted to a certificate in ur hand,on 2nd ramadan u can deposit is back..

[capsat]

Zakat deduction is applicable only on savings & term deposit accounts. Current accounts are exempted !

[tarrun]

Thanks everyone.Problem solved.I made a pay order and will deposit it back after 1st Ramadan. I believe for zakat first it should go to your relatives who are poor so i have serious reservation over government current system.

PS. Banks will start charging 0.6% bank transaction fee on non-filer. If you are non-filer, please be aware after 1 st of July you will be subject to this fee so if you want to protect from 0.6% tax, remove money from bank or become a filer or bear .6% cost.To become filer, apply NTN then second stage file returns. Pakistan is full of corrupt munafiqs for sure but we public have to pay because munafiq people think they can cheat the world and Allah and win.

[anon36782927]

This post was flagged by the community and is temporarily hidden.

[user-xxx]

I have heared that you can make a kid of pay order for all the amount you have and than they will not deduct it ?

[khurem]

Better way is to just give a Zakat declaration form to your bank branch. They will not deduct Zakat from your account then.

[lazers]

It has nothing to do with being shia. At least in SCB. I told them I dont want Zakaat deducted from my bank account and I filled a form which simply stated that I will give Zakaat my self so do not deduct, thats all. There was no mentioning of shia or anything on the form.

[user-xxx]

Actually, the date to submit CZ 50 form has passed and for info you dont have to declare your sect on it. You just say that there is no zakat imposed on me and bank should not deduct it.

Zakat is a pillar of islam, people think that bank will deduct zakat from there account and by this their obligation will be fulfilled, Which is 100% wrong as you are not sure where this all money goes.

You have to make sure that your zakat goes to the right person only then your obligation will be fulfilled. Therefore you must give your zakat by hand and make sure they deserve it or else you didn't paid your dues.

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My question was that the due date to submit zakat exemption form has passed now what can i do to avoid bank to deduct it. I have heared that we can make a pay order for all of our amount !
What kind of pay order is that !

[khurem]

Yeah, you can make a payorder in your own name, that you can later deposit in your account after 1st Ramzan.

Whenever a payorder is made by you on your account, the amount on the payorder gets deducted from your account on the same date, irrespective whether the payorder is presented by the beneficiary to his/her bank or not. This is the difference between a payorder and a cheque.

[user-xxx]

I went to bank for making a payorder but the banker told me that as you have already submitted the form CZ-50, zakat will never be deducted from your account and the form is valid for life time.

So i'm clearing the misconception that people think they have to submit the form each year, which is not true. One you have submitted the form it is valid for llifetime.

[khurem]

Of course, it would be stupidity by bank to keep asking for declaration form every year.

[nasirjavaid]

I also got zakat declaration form made but it has a line which says something like "I swear by Allah that I am not eligible to pay zakat" so never got enough courage to submit it.