Zakat Calculation Spreadsheet

Printed on 5/28/2014
Weight in
Grams
Price/Gm
Estimated
Value
Zakat Payable
1 ZAKAT ON GOLD (2.5%)
1a 24 Carat Gold/Jewelry . -
1b 22 Carat Gold/Jewelery . -
1c 18 Carat Gold/Jewelry . -
1d Other Gold Valuables. (Pls insert the Current
Estimated Value) -
2 ZAKAT ON PRECIOUS STONES (2.5%) (Contentious subject. Refer Notes. Dont Calculate if you disagree or are uncomfortable.)
Calculate the nett Market Value of the Precious
stones like Diamonds, Rubies, Etc. and add them
to the Estimated Value Column -
3 ZAKAT ON SILVER (2.5%)
Include Household Silver Utensils, Artefacts, and
Jewelery. For Utensils, usually the silver is 90%
pure so take 90% of the total weight - -
4 ZAKAT ON CASH IN HAND /BANK (2.5%) Actual Value
4a Cash in Hand -
4b Cash in Bank in Savings Accounts -
4c Cash in Bank in Current Accounts -
4d Cash held in Fixed Deposits -
5
ZAKAT ON LOANS / INVESTMENTS/ FUNDS/
SHARES, ETC (2.5%)
Actual Value
5a Loans Receivable from Friends and Relatives -
5b Investment in Govt Bonds -
5c Provident Fund Contribution to date. -
5d Insurance Premiums including bonus up to date -
5e
Value of Shares (stocks) including Dividends.
Take their market value on the date of calculation -
5f Government Security Deposits, ADRs, etc -
5g Investment in Private Chits, Funds, etc -
5f Other Sources of Wealth -
6 ZAKAT ON LANDED PROPERTY (2.5%) Estimate Value
6a
-
6b
-
7 ZAKAT ON BUSINESS (2.5%) ---------- (STOCK-IN-TRADE)
7a Value of Saleable Stock
7b Value of Damaged / Dead Stock
7c Amount Receivable from Credit Sales
7d LESS: Amount Payable to Suppliers (Credit
taken from suppliers for stocking goods)
7e LESS: Bad Debts
TOTAL VALUE OF STOCK ( 7a+7b+7C-7d-7e) . -
Zakat Calculator
(Use Only YELLOW cells to fill Values. Please read the Summary for details, before filling this)
Landed Property held as an Investment / Business (Estimate the
current Maket Value)
Zakat on Rentals Coming from Property (After Deducting for all
expenses)
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Zakat Calculation Spreadsheet
Printed on 5/28/2014
Weight in
Grams
Price/Gm
Estimated
Value
Zakat Payable
8
8a Capital Balance as per Last balance Sheet
8b Loans Advanced by you to the Firm as of Date
8c
8d
NETT TOTAL WORTH CALCULATED . -
9
Value of Produce
9a
-
9b
-
9c
-
10
Total Value
Animals/ Birds more than 6 months Old - @ 1
Animal or Bird PER 40 either in Kind or Value
thereof. -
11
11a Loans taken from from Friends / Relatives
11b Loans Taken from Banks / Institutions
11c Income Tax / Wealth Tax Payable
TOTAL LIABILITIES . .
TOTAL ZAKAT PAYABLE
IMPORTANT: PLEASE READ BELOW SUMMARY FOR INSTRUCTIONS & NOTES:
GENERAL LIABILITIES - You need to deduct your direct Payables or
Liabilities which have not been deducted earlier - Usage of the loan should
have been on Zakatable Wealth only.
ZAKAT ON AGRICULTURAL PRODUCE (10%, 7.5%, 5%)
ZAKAT ON ANIMALS & POULTRY & FISH FARMING
Produce totally dependent on Artificial Irrigation like Canal, Tank,
Borewell, etc. @ 5% of Produce (crop) in Value or in Kind
Produce dependent Partially on Rain Water and Partially on
Artificial Irrigation @ 7.5% of the produce Value or in Kind
Produce Dependent on Rain Water - @ 10% of product (crop) in
Value or Kind
Accumulated Profit from the date of Balance Sheet to this Date
(Estimate the Profit Value as it is difficult to get exact figures in
the middle of Accounting Year)
LESS: Withdrawals made by you during the current Year.
ZAKAT ON SHARE IN PARTNERSHIP FIRMS (2.5%)
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Zakat Calculation Spreadsheet
Printed on 5/28/2014
Weight in
Grams
Price/Gm
Estimated
Value
Zakat Payable

Zakat on Precious and Semi-Precious Stones
There is considerable contention on whether these are to be considered for valuation. In my humble opinion if
they have a value, then they calculate towards your wealth, and it is on the wealth that Zakat is mandatory.
However please consult with Moulvi, before acting on this section. Most Ulema contend that a diamond is a piece
of carbon and its value varies, unlike that of gold or silver.
One may calculate the Saleable Value of Items-at-hand on the date of Zakat Calculation.
Zakat on Silver.
Dear Brothers & Sisters,
Details of Each Section to be used in conjunction with the Calculation Spreadsheet.
Zakat on Pure Gold and Gold Jewellery
Zakat should be calculated at 2.5% of the market value as on the date of valuation (In our case we consider 1st
of Ramadhan). Most Ulema favour the Market Value prevailing as on the date of Calculation and not the
purchase price.
Alhamdulillah, the month of Ramadhan has been bestowed upon us by Allah. ZAKAT is one of the five
fundamental pillars of Islam, mandatory on all muslims who are of eligible wealth. Zakat is due from and payable
by a person on his wealth (and not his income), which has remained with him/her for one Islamic year.
It is difficult to calculate the completion of one year on each item of wealth, because purchase dates may vary.
To overcome this difficulty, a practical method is to fix a date (e.g. 1st of Ramadhan), compute your total wealth
on that date and calculate Zakat, thereon.
Zakat is to be paid on Silver in Pure form or Jewellery, Utensils, Decorative items and all household items
including crockery, cutlery made of silver at 2.5% of the prevailing market rates.
Zakat on Cash and Bank Balances
Zakat should be paid at 2.5% on all cash balance and bank balances in your savings, current or FD accounts.
The amount technically should be in the bank for one year. Usually it happens that the balance keeps on
changing as per personal requirements.
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Zakat Calculation Spreadsheet
Printed on 5/28/2014
Weight in
Grams
Price/Gm
Estimated
Value
Zakat Payable
Zakat on Loans Given, Funds, etc
Zakat is payable by you on loans you have given to your friends and relatives. It should be treated as Cash in
Hand. You may deduct Loans Payable by you to arrive at the nett present value of your wealth. However, if you
are in doubt, on the return of your money, then you may not calculate it as your wealth. You can add it to your
wealth, if and when your receive your money.
Zakat is payable on all Govt Bonds, Public Sector Bond, paid-up Insurance premiums, your paid-up portion of
Provident Funds, Govt Bills receivables, etc. Pls remember you need to be aware of what the sharia says about
Insurance and other types of investments. It is outside od the scope of this Zakath Calculator.
Zakat on Landed Property
You may make your best judgement and the best way is to pay on remaining amount on the day of calculation
Deduct the Amounts due to your suppliers and deduct the loans on stock on the date of calculation. Dead Stock
should be calculated on scrap value or its saleable value. Damaged stock should also be valued at its scrap
value.
Be honest in the calculations, as ZAKAT is an INSURANCE on your STOCK directly from ALLAH and who better
an insurer than Him.
There is no Zakat on Factory Buildings or any kind of machinery, but there is zakat on products produced in the
factory (i.e. finished goods value). Please refer to a competent Moulvi or a scholar who can shed more light on
your specific issues.
Zakat on Partnership Firms.
Zakat is not payable on personal residential House even if you have more than one and meant for residential
purpose only. Also Zakat is not applicable on the value of Property given on rent irrespective of how many.
However Zakat is payable on the rental income itself after deducting the maintenance and other expenses.
However if your intention of holding properties is to sell at a future date for a profit or as an investment, then
Zakat is payable on the Market Value of the property. Also, if your intention of holding properties changes in the
current year, I.e. from self use to business then you need to pay Zakat on that Property Value.
This is for Business Persons only. No matter what business you are into, you've got to pay Zakat on all STOCK-
Zakat on Business:
The Consensus formula for Zakat calculation on Agriculture is as follows:
On crops dependent purely on rain water it will be 10% of produce, On crops not irrigated through rain water but
use Canal Water, Tank Water, Borewell and Open wells, the Zakat is 5% of the produce. For Crops dependent
partly on Rain Water and partly on other water, the Zakat applicable would be 7.5% of produce.
Zakat can be paid EITHER by the firm OR separately by the owners. If the firm is not paying, and the partner
wants to calculate his share, he should take the amount standing to his capital and loan account as per the last
balance sheet. Add his estimated share of profit till the date zakat is calculated.
This can only be estimated as it is difficult to calculate the exact profit or loss between an accounting year.
Zakat on Agricultural Product
Zakat is payable on all Agricultural produce including fruits, commercially grown flowers, vegetables and all types
of grains at the harvest time itself. The passing of One year does not apply for agrultural produce. If there are
two or more crops on the same land per year, then Zakat has to be paid as many times on the crop, irrespective
of the time.
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Zakat Calculation Spreadsheet
Printed on 5/28/2014
Weight in
Grams
Price/Gm
Estimated
Value
Zakat Payable
Zakat on Animals
On all grazing animals like goats, sheep, camel, cows, broiler chickens, the consensus Zakat payable is one
animal/bird for every 40 animals owned. However you may wish to give cash in lieu of the animal/bird itself.
COPYRIGHT NOTICE: You are free to distribute this Calculator, by email, by print or by posts over the Internet.
My intention in creating this was to make the task of Zakat as simple and easy as the act of Zakat itself. However
if you are making any modifications or changes please keep me informed.
FOOTNOTE: Please note that RIBA in any form is Haram and strictly prohibited. So please stay away from
taking Loans on Interests AND Collection of Interests from any body or institution or other forms of RIBA'.
For those who would like more details there is a good site which gives all details on Zakat. Please visit
http://www.islamsa.org.za/library/books/bzewar/part3/zakaat.htm
Please consult your local Scholar or Maulvi or Imaam who can guide you to the right direction, or refer to books of
Fiqh if you would like to have first hand confirmation of the situation.
Liabilities Deductions
If you have any pending tax payable to the govt, as of the date of Zakat Calculation, then the same may be
deducted before arriving at the net worth. If you have taken any loans from any person or institution, and if you
have not already deducted the same from any of the above sections, then you can deduct your Payables over
here. Please be truthful, as Zakat is a sure way of protecting ones wealth if Zakat has been paid on it regularly
and fully.
LOANS taken only for Zakatable-Wealth should be deducted. Cars, Houses, etc are not Zakatable wealth. So
any loan taken for these purposes are not to be deducted
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