Zakat And Tax
Zakat Calculation Following is a summary of zakat calculation. Please see the relevant chapter in Ghamidi sahab’s book Meezan for details. On Earnings: Income from something where both capital and labor are used – zakat is 5% . Income from something where either capital or labor is used – zakat is 10% . Income from Gift of God (e.g. found treasure) – zakat is 20% . All of the above are due as soon as you receive the money. On Assets: On savings / assets zakat is 2.5% . This is due once per year after the minimum nisab has been met.