When to Pay Khums?
Adopted from the Book : "Khums; An Islamic Tax" by : Sayyid Mohammad Rizvi
Khums becomes wajib at the beginning of the new financial year on the profit or surplus of the past year's income.
Beginning : The "beginning" of a new year means the time when the profit or surplus of the income becomes clear. So whenever there is profit or surplus of the income, and it is not used up on the household or commercial expenses of that year—then pay one-fifth of it as khums.
Year : The consideration of the "year" in khums 'is because in most cases the surplus of the income becomes clear at the end of the year. Otherwise, the khums is actually associated with the profit or the surplus of the income as soon as it is known, and the owner may pay the khums before the end of the year.
Hijrah or Christian Calendar : Of course, one is allowed to fix any day of the year ( or for that matter, the beginning of a fiscal year according to the Christian calendar ) as the "beginning" of his year. Then he may every year count the surplus of his income on that day and pay khums. It is always easier to count from the day one starts earning.
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