. Charge and collection of Zakat.___(1) Subject to the other provisions of this Ordinance, Zakat in respect of assets mentioned in the First Schedule shall be charged and collected, on compulsory basis, for each Zakat year, at the rates and in the manner specified therein, and as may be prescribed, from every person 1[who is on the Valuation Date, and for 2[whole of the] proceeding Zakat year been, sahib-e-nisab,] and who owns or possesses such assets on the Valuation Dare Provided that where an asset mentioned in the First Schedule has been assigned by the person owning or possessing it, in favour of another person. Zakat in respect of that asset shall be charged and collected on compulsory basis as if the asset had not been so assigned ; 4[Provided further that, if an asset was owned or possessed by a person on the Valuation Date but is owned or possessed by some other person on the Deduction Date, the Zakat on such asset shall be charged and collected from such other person on behal...