Zakat

Charity is a pillar of Islam and is supported by numerous Quranic verses and prophetic sayings, giving to those less fortunate is an important function in Islam. With Zakat – the obligatory annual tax due on an adult Muslim’s wealth – one of the five pillars of Islam, supporting the poor and needy through charity is an undeniable cornerstone of faith.
“The believer’s shade on the Day of Resurrection will be his charity.” [Tirmidhi]
“You will not believe until you love for your brother what you love for yourself.”
“The believers are like one body in their mutual love and affection: if one limb is injured, the rest responds with sleeplessness and fever.”

Ibn Abbas narrates:
“It is accepted as Zakat for the person who gives it before the Eid prayer; but it is a mere Sadaqah for the one who gives it after the prayer.” [Abu Dawud]
Fitrana (Zakat ul Fitr) must be paid within the month of Ramadan. The latest it can be paid is before the Eid prayer begins so that those in need can benefit in time for Eid.