Including debts owing due to services in one's zakaat calculation
Q: Does a company selling internet services include the amounts due to the company for such service in the zakaat calculation?
Q: Does a company selling internet services include the amounts due to the company for such service in the zakaat calculation?
Q: I wanted to ask some things related to the payment of zakaat. They are as follows:
I was unaware that I had enough gold previously and now I have to pay zakaat for the last 2.5 years. So will the zakaat of each year be calculated according to the gold value in that year, or according to the current year's gold value?
If I won't pay it all at once, and do it in installments will I be sinful in delaying it further?
Q: I own a home-based online shop. I would like to know the following:
1. Do I calculate zakāt on the selling price or cost price of unsold inventory?
2. Are customer receivables (orders shipped but not yet paid) zakatable on my yearly zakāt date?
3. If goods arrive only two days before the zakāt anniversary, must they be included?
Q: I am sahib-e nisaab Alhamdulillah, however my regular monthly pay mostly gets consumed by the next pay date. If I receive my pay on the zakaat anniversary date, should I include that pay's amount while calculating zakaat, or whether I should calculate the zakaat on my remaining assets after deducting the following month's expenses?
Also, what sort of future expenses are permitted to be deducted before calculating zakaat on one's zakaat anniversay date?
Q: If a person is giving zakaat in kind instead of cash, is the monetary value of the item considered, or is the store price?
Example: Bag of potatoes is worth R50, but he bought it for R100. He has to give R200 in zakaat. Does he give 2 bags, or 4 bags (costing him R400)?
Q: We are having an economic meltdown in our country. Due to lack of forex reserves, there is a vast difference between the dollar in the bank and the dollar on the black market. Due to scarcity, majority of the people are dealing with the black market rate which is very high in comparison to the bank rate. The bank also sometimes charges a premium that brings it close to the black market rate. The whole economy is running on the dollar and things change according to the rate.
The issue comes about when calculating zakaat and other financials. Some Ulamaa have taken what they call a middle rate to benefit the masses. Others are taking the bank rates. Yet still some are of the opinion that the black rate should be taken into consideration because everyone is using it. What should be done in this case? What rate should we use? Your advice will be greatly appreciated.
Q: My zakaat date is on the first of Ramadhaan. At which time will I have to take an account to work out my zakaat, as during the day, I will also be doing trade. Hence, if I buy and sell during the day, will I include the wealth I acquire on that day in my zakaat calculation? Similarly, if I incur debts during the day, will I deduct the debts from my zakaat calculation?
Q: If a person is selling tiles, will he have to include the tile boxes and tile plastic wrappings in his zakaat calculation and pay zakaat on all, as one does not charge the customer for the boxes and the tile plastic wrapping separately?
Q: If a person on his zakaat date gifted a jewellery set to another person and it was also that person's zakaat date, who will pay the zakaat of the jewellery set?
Q: I sell clothing to chain stores as well as other traders. The chain stores mark up their clothing with a very high markup, making 300% to 400% profit. Other traders' mark up is not so high. The chain stores (e.g. Pep or Ackermans) have many 100 of branches in the country compared to the other traders that I sell to. Hence, the total number of traders will be 60 or 70 compared to the number of chain store branches in the country.
When calculating zakaat, the market value is considered. However, the normal traders sell it at R150 and those chains stores sell it at R300. Will one consider R150 as the market value or R300?
If the market value is considered according to the value of the chain stores, it will be quite difficult for the normal traders who only sell it at R150.