Question: Is there Zakat on Salary? if, yes how to calculate?

[kaka4u]

Question: Is there Zakat on Salary? if, yes how to calculate?

My understanding money should kept for one year.

Please somebody answer.

 

[chacha jani]

Re: Zakat

On to 1st of Ramadan what ever you have (Cash in hand + other assets) %2.5= Zakat

 

[Sadia Hashmi]

i think zakat is not levied on circular capital and salary.

 

[PakZindaBad1]

NO..
You have to understand the concept of Zakat from economic point of view.
Zakat is on money which has not moved for one year...if you think about it this a great principal, it is a motivation for muslims to not keep money in safe or a bank, rather keep the money in circulations by means of business.

Salary is not stagnant money, its moving or dynamic. Therefore it is against the spirit of zakat concept to pay zakat on salary. However if you saved money from your salary and kept it in safe/bank then you will have to pay 2.5% of the amount as zakat...

Edit: Seems like @Sadia Hashmi posted around the same time as I did...so its almost a double post ..:-)

 

[Irobot]

Re: Zakat

On to 1st of Ramadan what ever you have (Cash in hand + other assets) %2.5= Zakat

I think you you have to have for 1 year for it to give zakkat.

 

[Ahud1]

neem hakeem khatra eiy jaan
neem mullah khatra eiy iman

is forum pey koie haziq mufti nhi better ask some mufti of your sect

 

[Night_Hawk]

What is the meaning of Zakat?


Zakat literally means "to be clear, to grow, to increase." It comes from the root letters za, kaf, ya, which has several meanings: to be clean [Al-Quran Chapter 24: Verse 21, Chapter 23: Verse 4], to pay the obligatory charity [Al-Quran 2:43], to be pure, innocent [Al-Quran 19:19, 18:74], to be better in purity [Al-Quran 18:81, 19:13], and to praise oneself, to justify [Al-Quran 53:32]. It has been used in the Quran to mean all of these things. It can also be considered a form of sadaqah (charity), given to the poor.


Zakat is:

• Levied on specific assets only, identified by Shariah (Islamic Law) as assets having the potential for growth.

• Levied at the rate of 2.5% each year (calculated according to the lunar calendar*) on the market value of the Zakat-able assets after deducting therefrom specified liabilities.

• The compulsory transfer of ownership of a portion of the property of the giver, calculated at the rate of 2.5% as aforesaid, to a poor and needy Muslim who qualifies to receive Zakat according to the Shariah.

• An Ibada'h (worship) and not a tax, Obligatory on every Muslim who owns Nisab viz. 613.35 grams of silver, or 87.49 grams of gold or who owns one or more assets liable to Zakat as set out below, equal in value to 613.35 grams of silver or 87.49 grams of gold. . (See Sections 12.1 and 12.2 for more on Nisab).

* Zakat is calculated according to the lunar year. Those who pay Zakat according to the solar year should accordingly, in order to take into account the difference in days, add 3% to the amount of Zakat payable.
With regard to calculations (and specific information throughout this flyer), we have followed the opinion of the Hanafi school of thought. Information on other schools may be found by researching Islamic jurisprudence (fiqh) texts, books, or consulting local scholars in this regard.
http://www.hidaya.org/publications/zakat-information/what-is-the-meaning-of-zakat

 

[Sadia Hashmi]

neem hakeem khatra eiy jaan
neem mullah khatra eiy iman

is forum pey koie haziq mufti nhi better ask some mufti of your sect

in sada questions ko samjhny k ley mufti hona zarori nahi.......

qeemti hona chahey,,,,,, :-)

 

[insaf-seeker]

It's a detailed discussion, there are few things on which zakat is not due, and there are few things on which you have to pary zakat if they are in your possession for one year.

 

[Night_Hawk]

Re: Zakat

Zakat Questions and Answers

"Of their goods, take zakat, so that you might purify and sanctify them." (Qur'an 9:103)

Defining Zakat

Zakat is a levy on the property of the wealthy for distribution to society's poor. The Arabic word "zakat" has connotations of purity, increase and blessing, and paying it purifies, increases and blesses the remainder of one's wealth.
Zakat is 2.5% of all zakatable wealth that has been in your possession for a lunar year. If your wealth amounts to less than a threshold figure, termed the nisab, then no zakat is payable. This threshold limit is 87.48g (3oz) of gold, or its equivalent in cash.
To find out how much this is, open the Online Zakat Calculator which is regularily updated with the latest gold prices.

[h=1]Related Questions[/h]

• Do I have to Pay Zakat?
• I gave a lot of money to charity over the year, doesn't that count as zakat?
• What part of my wealth is zakatable?
• Can I Pay Zakat in Advance?
• Do I Pay Zakat on Wealth Belonging to my Children?
• I Saved Some Money for Hajj, do I Pay Zakat on it?
• I Have Some Shares, How Do I Calculate What Zakat I Owe?
• Do I Pay Zakat on My Pension Fund?

http://www.islamic-relief.com/zakat/

 

[affanpervez]

Re: Zakat

On to 1st of Ramadan what ever you have (Cash in hand + other assets) %2.5= Zakat

As Zakat is an annual financial duty, starting and ending dates of your Zakat cycle shall be clearly defined according to the Hijri calendar dates which need not be 1st of Ramazan but preferable due to high rewards in Ramazan.

• Zakat assets are what you actually own on the Zakat effective date. You have to sum up all wealth items you own. Some examples are:
  • Cash: any type of cash ready cash, current accounts, saving accounts, fixed deposits as stated in your bank statement.
  • Securities: shares, stocks, mutual fund units, bonds and sukuk valuated at the closing price in the stock market.
  • Your current account in a company which you are a partner in
  • Saving plans: the surrender value of your saving plans
  • Gold investments: as per the market value
• If there is any amount of money which proposed to be received during the concerned Zakat cycle but not yet happened, then you have to add the expected value to the Zakat assets.
• Your personal belongings such as a home (in which you are living) or a car (under your use) are not considered as Zakat assets.

 

[MileStone]

The thread starter is correct.

We need to pay zakat on things that we had in access once we pass one year on them, but if one is not very good with the calculations, then its safe to dospose the zakat on whatever assets and cash you hold that require Zakat, as mentioned by another poster above. This way you will also be paying zakat on whatever you had earned in the last year.

It is very important to keep the same cycle day in order to dispose the Zakat. If you decided to pay Zakat on 1st Ramadan, then stick to it and do it every year. The money that came in or went out even a day before would also be considered in calculating zakat.

Lets take an example on paying the zakat to make it more understandable.

E.g. Consider you have $100k in cash this current 1435 Hijri year on 1st ramadan, and also have $10k in form of other assets like gold, silver or any other asset. Now when 1st ramadan, 1436 hijri arrives, you find out that you earned in total of $20k in last year. The total you have in the cash is now, say $105k (because you spent $15k last year, and saved $5k), and say your gold stayed the same at $10k. If you decide to pay on whatever you have on 1st ramadan 1436, then you will be paying 2.5% on 105k +10k = 115k ($2875 zakat).

If you decide to calculate and pay zakat only on what you have saved for more than a year, then you will be paying 2.5% on original 100k + 10k gold = 110k ($2750 zakat).

This will also hold if you spent some of you saving as well from the last year. e.g you earned extra $20 this year, but spent $30k, then you will paying zakat on 120k-30k = 90k +10k = 100k ($2500 zakat).

Wal'laho Aalam (And Allah knows best)

 

[kaka4u]

NO..
You have to understand the concept of Zakat from economic point of view.
Zakat is on money which has not moved for one year...if you think about it this a great principal, it is a motivation for muslims to not keep money in safe or a bank, rather keep the money in circulations by means of business.

Salary is not stagnant money, its moving or dynamic. Therefore it is against the spirit of zakat concept to pay zakat on salary. However if you saved money from your salary and kept it in safe/bank then you will have to pay 2.5% of the amount as zakat...

Edit: Seems like @Sadia Hashmi posted around the same time as I did...so its almost a double post ..:-)

That's my confusion i don't mind pay but if i should keep for 1 year for example if last year i have 1000 and this year i have 3000 during the year increase of 2000 but 1000 complete full one year so i have to pay Zakat on 1000 instead of 3000. is that right?

 

[taban]

Zakat is on only assets you have in your hand for 1 year and its more then your need.

 

[PakZindaBad1]

That's my confusion i don't mind pay but if i should keep for 1 year for example if last year i have 1000 and this year i have 3000 during the year increase of 2000 but 1000 complete full one year so i have to pay Zakat on 1000 instead of 3000. is that right?

Zakat is on the amount which is static for one year...only you can tell which amount was static for one year....pay zakat on the amount which was..

 

[Khair Andesh]

اگر آپ صاحب نصاب ہیں توتنخواہ پر بھی زکوہ دینی ہو گی۔
یہ ایک پیچیدہ مسئلہ ہے، آپ اپنے مسلک کے کسی عالم سے پوچھ لیں، یا کوئی مستند کتاب پڑھ لیں۔

 

[zaheeeb]

اگر آپ صاحب نصاب ہیں توتنخواہ پر بھی زکوہ دینی ہو گی۔
یہ ایک پیچیدہ مسئلہ ہے، آپ اپنے مسلک کے کسی عالم سے پوچھ لیں، یا کوئی مستند کتاب پڑھ لیں۔

merey khial mein zakat saving par hoti hai......circular money mein nehin... salary is definitely not saving but it would be different matter if some saving has been made out of salary :)

 

[Night_Hawk]

Gold and Silver: Any gold or silver you possess is zakatable, including jewellery according to Hanafi school, because these two metals have intrinsic monetary value.


Other precious metals and stones are not zakatable unless they were acquired for the purpose of trade.


Cash or its Equivalent: Cash at home, in bank accounts, savings, money lent to others,saving certificates, bonds, shares, investment certificates and so on, are all taken into account when calculating zakat.


Stock Purchased for Trade: Any goods you have bought with the intention of selling are included in your zakatable wealth.

 

[Nice2MU]

 

[alisajid]

Even savings are not subject to zakat until their valuation exceeds a certain threshold. So you have to calculate your average saving for the year and compare it with the minimum threshold. If your savings exceed beyond then you have to pay zakat on the total sum of your savings....