Thursday, June 16, 2016

Comparison of Zakat and Income tax

WHAT DOES QURAN SAY ABOUT ZAKAT

Give the news of bitter very torment to those who save their property and money, and do not give their Zakaat to the poor amongst Muslims (9:34)


HADITH SHARIF: “Protect your property against harm by paying Zakaat.”

★ Zakaat is paid on total saving.
IT is paid on annual income + total saving (except savings under section 80(c))

★ No Zakaat is paid on daily, monthly, yearly expenses.
IT is paid on daily, monthly, yearly expenses as state tax, sales tax, central tax, VAT etc

★ Zakaat is paid on Rs 30,000 or more if saved from an year.
IT is paid on total income should be paid even if there’s no savings or balance is zero or negative

★ Zakaat is one fortieth (1:40) of total savings.
Whereas IT is 10% up to 5 lakhs & 20% up to 10 lakhs. (Leaving standard deduction 2, 00,000)

For a savings of Rs 3 lakhs Zakaat is 7,500.
But IT for 3 lakhs is 30,000

★ Zakaat is not applicable on a person whose debt is more than savings but ther’s no excuse for for IT

★ Zakaat is paid on Lands that are used for business purpose.
Whereas no IT for real estate owners who own land valuing millions of rupees.

Interesting Point to Note:

> We pay tax in the name of VAT, Sales tax,  Commercial tax, central tax, Luxury tax, etc in our daily life expenditure .......

> Later in the year end we pay income tax on all our expenditure for which we paid the VAT, Sales tax,  Commercial tax, central tax, Luxury tax....


This means
→income tax on VAT,
→Income tax on sales tax,
→Income tax on commercial tax..
etc.,

Zakat Infographic
Zakat Infographic

Read more Articles on Zakat








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Islamic / Muslim Festivals and Holiday 2019

Islamic Events and Holiday 2019

English Date Islamic Date
We have listed the important Islamic Festivals, Holidays and Events for the year 2019 as per the calender year 2019. These muslim religious holiday can vary as per the sighting of moon and the lunar calendar.
#Urs Khawjah Gharib Nawaz, Ajmer Sharif 14 March, 2019 - Thursday 6th Rajab 1440
#Lailat-ul-Meraj #Shab-e-meraj Night of Apr 3, 2019 - Wednesday 26-Rajab-1440
#Shabe-e-Barat April 20, 2019 - Saturday 14th Sha'baan 1440
#Start of Fasting Month (#Ramadan) May 7, 2019 - Tuesday 1st Ramadan 1440
#Jummat-ul-Wida 31 May 2019 - Friday Last Friday of Ramadan 1440
#Lailat-ul-Qadr (#Shab-E-Qadr) June 1, 2019 - Saturday 27 Ramadan 1440
#Eid-ul-Fitr June 5, 2019 - Saturday 1st Shawwal 1440
#Hajj August 11, 2019 - Sunday 9th Dhul-Hijjah 1440
#Eid-ul-Adaha #Bakrid August 12, 2019 - Wednesday 10th Dhul-Hijjah 1440
#Islamic New Year September 1, 2019 - Sunday 1st Muharram 1441
#Yaum al-Ashura September 10, 2019 - Tuesday 10th Muharram 1441
#Eid Milad-un-Nabi Nov 10, 2019 - Sunday 12th Rabi-al-Awwal 1441
#Urs Haji Ali Baba Mumbai 13 December, 2019 - Friday 16 Rabi Ul Akhir 1441
714th Urs Sharif Of Hazrat Khwaaja Syed Nizamuddin Aulia Mehboob-e-elahi Rahmatullah Alayh 16 December, 2019 - Monday 19 Rabi Ul Akhir 1441