Pay Zakat and Get Tax Deduction

2009 is coming to an end. People are busy with taxation but what about zakat? If you are a Muslim, you are encouraged to pay zakat to help those who are in need.

Have you paid your zakat? Do you know that you have to pay your zakat before 31.12.2009 to be entitled for tax deduction for 2009? Otherwise it would be for 2010.

There are many ways you can pay your zakat.

• Counter (check out the branches)
• Salary deduction
• Money order
• Over-the-counter at selected banks
• Over-the-counter at the post office
• Internet banking
• Phone banking
• Cash deposit machine

There are many types of zakat. The zakat that is paid during Raya is known as zakat fitrah. This is the one and only zakat you must pay ‘over-the-counter’.

Other zakat include:

• Zakat pendapatan (income)
• Zakat perniagaan (business)
• Zakat wang simpanan (savings)
• Zakat saham
• Zakat KWSP (EPF)
• Zakat emas (gold)
• Zakat perak (silver)
• Zakat pertanian
• Zakat ternakan

If you need help to calculate your zakat, there is an online calculator to help you (for zakat pendapatan).

Maybank offers you the easy way to pay zakat online. You just need to log in and click on Accounts & Banking > Bill Payment > Make a one off payment > choose Zakat & Charity. Of course you can check out other banks that offer internet banking for zakat payment.

Zakat means “alms giving”. Therefore, it is encouraged to pay your zakat as a purification of your soul and wealth.

If you have any more queries, you can always refer to zakat.com.my.

Other posts you may want to read:

1. New Income Tax Deduction on July
2. MARA Loan: Checking and Making Payment
3. New Income Tax System Soon
4. Maybank Malaysia: Company profile
5. Check Your EPF Account Statement!
6. Tax Body Wants a Cut in EPF Deduction
7. Making Maybank2u – Tabung Haji Transaction
8. SPA Perak Job Vacancies in July

Author's bio: Sarah Lam is a freelance writer, a virtual assistant and a sole proprietor. She writes regularly at her blog Writing Consultation and contributes articles to a host of other websites. You can reach her at sarah[at]writingconsultation.com