Assalamalaikum, how to calculate zekat on money on bank account. Let's assume someone had 5000$ on the bank account last year ramadan and he payed 2.5% of it. Now he saved salary on it and has for example additional 12000$ = 17000$. Does this person have to pay 2.5% of the 17000$? Because what I know is that the money has to be on the bank account for 1 years but this is not the case since all the money came monthy as salary to the bank account. What time needs to be set as reference point to consider the 1 year mark?
Zakat calculation
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Wa Alaikum Assalam Yes, he has to pay zakat for the whole amount. The one year duration is for exceeding nisab limit only. Once you're above nisab level, any additional amount will be accounted for in zakat calculation even if you've received an amount on the day when your zakat is due.