What are common mistakes in Zakat calculation?
Avoid these common errors when calculating and paying your Zakat.
Be aware of these common mistakes when calculating Zakat:
- Calculation Errors:
- Not including all eligible assets
- Deducting liabilities incorrectly
- Using market value for gold instead of spot price
- Not considering business assets properly
- Timing Mistakes:
- Not keeping track of the Hawl (lunar year)
- Inconsistent payment dates
- Delaying payment without valid reason
- Asset Evaluation:
- Incorrect valuation of business inventory
- Wrong calculation of investment Zakat
- Misunderstanding personal vs. trading assets
- Distribution Errors:
- Giving to ineligible recipients
- Not verifying recipient eligibility
- Mixing Zakat with voluntary charity