19May
A comprehensive zakat calculator in excel sheet with formulas has been provided above (named “zakat_Calculator”), It can be downloaded from above and used.
Zakat is one of the Pillar of religion of Islam and a way to purify your wealth for the will of Allah (SWT). It is payable on assets owned over one lunar year. It is calculated as 2.5% of the total wealth.
The collected amount is paid first to zakat collectors, and then to poor Muslims, to new converts to Islam, to Islamic clergy, and others.
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Zakat is only applicable to certain types of properties. Usually, zakat applies to properties that will further be used for rentals and reselling. In other words, all the capital assets which generate income are subjected to zakat.
Read more about zakat and its calculation on zakat calculator pakistan
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