What is the Zakat module for?
This screen helps you calculate zakat by reading data from your Balance Sheet or Profit and Loss. It applies a fixed rate and keeps a record of payments for the year. It is a working tool, not a religious ruling, so you must confirm details with your state zakat authority.
How do I choose the zakat type?
- Select the type from the Choose zakat type field at the top.
- Choose Business to use current assets minus current liabilities from your Balance Sheet.
- Choose Income to use net profit from your Profit and Loss statement.
- Choose Savings to assess cash and bank balances or personal Net Worth.
- Choose Other (manual) to type a value for items like gold or shares.
How do I set the nisab and base amount?
- Check the Nisab (threshold) field, which defaults to RM24,000.
- Type the current nisab from your state zakat authority into the field.
- Review the Base amount suggestion from your books or type your own figure.
- Read the panel on the right to see the calculated zakat at 2.5 percent.
- Type your payments into the Paid field to see the Still to pay amount.
How do I track the haul period?
- Locate the Haul (holding period) card for Business, Savings, or Other types. Income zakat has no haul and is due on nisab alone.
- Set the Haul start date to the day your wealth first reached the nisab.
- Watch the badge to see if the haul is in progress or completed.
- Press Start new haul after payment to begin the next cycle.
How does zakat affect my income tax?
- Ensure the Paid figure on this screen matches your actual payments.
- Open the Income Tax screen from the sidebar.
- Find the Zakat rebate line under the gross tax amount.
- If you uploaded a Borang EA, the salary-deducted zakat on it is already added, so do not type it into Paid again. The rebate cannot take the bill below zero.
What this does to your books
The module posts nothing to your accounts. It saves a working record for the year, so your Profit and Loss, Trial Balance, and Balance Sheet do not move when you use it.