Zakat is obligatory for Muslims to purify their wealth. When you pay the zakat, the wealth you hold is completely cleaned up from every type of adulteration. Here I will tell you about How to calculate zakat in Islam. So let us come to know.
How to calculate Zakat:
The zakat calculation includes the quantity of each and everything you own. It includes the whole amount of Gold, Silver, and Money. After collecting all these things, you can calculate the zakat. Many people asked the question What is the zakat percentage? Zakat is 2.5 % of your whole wealth.
Some people do not pay zakat, they think that after paying zakat they lose a lot of money. But this is not true, it just charges 2.5%. It includes the cash whether it is in your home or the bank account. It just needs a total figure.
Furthermore, Zakat is not compulsory for every Muslim. It is obligatory for those who have their money, gold, and silver equal or more than Nisab.
How much is Nisab for Zakat in 2024?
The Nisab for Zakat in 2024 for gold and silver is given as:
Gold: You should own 87.48 grams of Gold.
Silver: You should own 612.36 grams of Silver.
What is the meaning of Zakat?
The Zakat is the third pillar of Islam. Zakat is paid to purify the wealth. This is a way through which you thank your Allah in the praised form. Make sure that the Zakat you are paying should reach the poor and the needy persons.
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When this money reaches the right place, your zakat is accepted by Allah and your praise is complete. Zakat’s rules and regulations are complicated but make sure to pay who is entitled to the Zakat. Pay the correct percentage of Zakat whether any Zakat tax is in the UK.
What is Nisab?
The Nisab is the minimum value required to pay Zakat in a specific current year. Make sure that your Wealth is equal to or exceeds the limit of Nisab.
What do I need to pay Zakat?
You should need to pay Zakat on the given things if own all these or anyone from them. You should pay zakat for them. You should have to pay Zakat on Wealth instead of earning. Zakat is always given on the yearly earnings, not the income coming.
If you are earning 20,000£ a year, and you are saving up to 300£. Pay Zakat from such 300£ not from the 20,000£ you earn in a year. The other wealth for Zakat is given here in the points.
- Gold
- Silver
- Money lent to others
- Business stock in trade
- Stocks and shares, directly and from investment
- Agricultural produce
- Pension
- Property
- Life Stock such as cows, goats, and sheep.
- Saved cash at home and banks.
Zakat Rules on the tax in the UK?
The population living in the UK pays the Zakat in different ways. Here I have a complete guiding step for you to understand if you have any confusion.
There are some personal taxes that you pay for the roads, vehicles, and other in the daily life that are not included in the Zakat. These taxes are considered as your taxes in the UK. Moreover, if you owe any tax from the government, they deduct the Zakat from it.
For self-employed folks or other business owners keep their money aside for taxes. This money set aside can be deducted from your Zakat calculation.
How is your Zakat used?
The zakat you pay is used to change the lives of the poor and needy. There are many organizations, that take zakat from you and use this zakat for the poor and needy. Additionally, the Zakat not only purifies your wealth but it can also give you inner satisfaction.
Zakat is used to help the poor, needy, eligible, and disadvantaged people. We should have to make sure that the money we are paying as zakat is reaching its goal or not. Research properly who is receiving the money. If needy people are not using, you can claim your money back.
FAQs:
What are the benefits of Zakat?
Zakat helps needy people and makes sure to meet the needs of everyone. It also makes us feel good inside and teaches us to care for others.
How do you calculate the Zakat money?
Here are four simple steps that you should try to calculate the Zakat money:
- Add the things you own.
- Take off the owed ones.
- Check the balance and come to know whether it is equal to Nisab or not.
- Give 2.5 % of your wealth as a Zakat.
How much is Nisab for Zakat?
Nisab is the minimum amount of wealth on which the Zakat is obligatory. Nisab for Gold is 87.48 grams and 612.36 grams for Silver.
Can I give Zakat to someone who owns a house?
No, you cannot give Zakat to a person who owns a house and has a strong source of income. You can give the money to the person who owns a house but does not have enough income to reach the Nisab.
Conclusion:
This is detailed information about how to calculate the Zakat. I have cleared almost every part related to this topic. Zakat is obligatory for Muslims but they should have to check whether the Zakat is reaching the people who need it or not. You should read the above article and come to know about Zakat and how to calculate Zakat.
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