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Zakat Calculation Spreadsheet

Zakat Calculation Spreadsheet

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Published by Zohaib Hussain
Zakat calculator
Zakat calculator

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Categories:Business/Law
Published by: Zohaib Hussain on Oct 13, 2009
Copyright:Attribution Non-commercial

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12/08/2011

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Zakat Calculation Spreadsheet
10/13/2009Page 1 of 4
Zakat Calculator 
(Use Only YELLOW cells to fill Values. Please refer to the Appendix Sheet for more explanations on Each Section)
Weight in GMSPrice/Gm
Zakat Payable1ZAKAT ON GOLD
24 Carat Gold/Jewelry - - .00
-
22 Carat Gold/Jewelery - - .00
-
18 Carat Gold/Jewelry - - .00
--2ZAKAT ON PRECIOUS STONES-3ZAKAT ON SILVER
.00
-4ZAKAT ON CASH IN HAND /BANK
Actual ValueCash in Hand -
-
Cash in Bank in Savings Accounts
-
Cash in Bank in Current Accounts
-
Cash held in Fixed Deposits
-5
Actual ValueLoans Receivable from Friends and Relatives
-
Investment in Govt Bonds
-
Provident Fund Contribution to date.
-
Insurance Premiums including bonus up to date
-
-
-
Government Security Deposits, ADRs, etc
-
Investment in Private Chits, Funds, etc
-
Other Sources of Wealth
-6ZAKAT ON LANDED PROPERTY
Estimate Value
-7ZAKAT ON BUSINESS
Value of Saleable StockValue of Damaged / Dead StockAmount Receivable from Credit SalesLESS: Bad DebtsEstimatedValueOther Gold Valuables. (Pls insert the CurrentEstimated Value)Calculate the net Market Value of the Preciousstones like Diamonds, Rubies, Etc. and addthem to the Estimated Value ColumnInclude Household Silver Utensils, Artefacts,and Jewelery. For Utensils, usually the silver is90% pure so take 90% of the total weight
ZAKAT ON LOANS / INVESTMENTS/ FUNDS/SHARES, ETC
Value of Shares (stocks) including Dividends.Take their market value on the date of calculationLanded Property held as an Investment /Business (Estimate the current Maket Value)LESS: Amount Payable to Suppliers (Credittaken from suppliers for stocking goods)
 
Zakat Calculation Spreadsheet
10/13/2009Page 2 of 4Weight in GMSPrice/Gm
Zakat Payable
EstimatedValue
TOTAL VALUE OF STOCK.00 -8ZAKAT ON SHARE IN PARTNERSHIP FIRMS
Capital Balance as per Last balance SheetLoans Advanced by you to the Firm as of Date
NETT TOTAL WORTH CALCULATED.00 -9ZAKAT ON AGRICULTURAL PRODUCE
Value of Produce
---10
Total Value
-11
Loans taken from from Friends / RelativesLoans Taken from Banks / InstitutionsIncome Tax / Wealth Tax Payable
TOTAL LIABILITIES.00.00
TOTAL ZAKAT PAYABLE.00
LESS: Withdrawals made by you during thecurrent Year.Accumulated Profit from the date of BalanceSheet to this Date (Estimate the Profit Value asit is difficult to get exact figures in the middle of Accounting Year)Produce Dependent on Rain Water - @ 10% of product (crop) in Value or KindProduce totally dependent on Artificial Irrigationlike Canal, Tank, Borewell, etc. - @ 5% of Produce (crop) in Value or in KindProduce dependent Partially on Rain Water andPartially on Artificial Irrigation - 7.5% of theProduce Value or in Kind
ZAKAT ON ANIMALS & POULTRY & FISHFARMING
Animals/ Birds more than 6 months Old - @ 1Animal or Bird PER 40 either in Kind or Value of the same.
GENERAL LIABILITIES
-You need to deductyour direct Payables or Liabilities which are notdeducted above
 
 Appendix: Explanations To be used in conjunction with the Spreadsheet on Zakat Calculator 
Page 3 of 4
Dear Brothers & Sisters,Details of Each Section to be used in conjunction with the Calculation Spreadsheet.1Zakat on Pure Gold and Gold Jewellery2Zakat on Precious and Semi-Precious Stones
One may calculate the saleable value of Items at hand on the date of Zakat Calculation.
3Zakat on Silver.4Zakat on Cash and Bank Balances
You may make your best judgement and the best way is to pay on remaining amount on the day of calculation
5Zakat on Loans Given, Funds, etc6Zakat on Landed Property
Alhamdulillah, the month of Ramadhan has been bestowed upon us by Allah. ZAKAT is one of the fivefundamental pillars of Islam, mandatory on all muslims who are of eligible wealth. Zakat is due from andpayable 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 wealthon that date and calculate Zakat, thereon.The attached spreadsheet is a humble attempt at making the calculation process simple and consolidated, for all brothers and sisters who are fortunate to be worthy of paying Zakat. If there are any errors, its purely due tomy incomprehension and may be brought to my notice immdtly by email at ajameel@yahoo.com. Pleaseremember me in your supplications and may Allah give us all the rewards of both worlds. Aameen.Yours Brother in Islam,
Arif Jameel.
Zakat should be calculated at 2.5% of the market value as on the date of valuation (In our case we consider 1stof Ramadhan). Most Ulema favour the Market Value prevailing as on the date of Calculation and not thepurchase price.A Reduction of 2% from the weight of Jewellery can be allowed towards studded stones jewellery & 25% fromthe weight of KUNDAN Jewellery.There is some contention on whether these are to be considered for valuation. In my humble opinion if theyhave a value, then they calculate towards your wealth, and it is on the wealth that Zakat is mandatory.Zakat is to be paid on Silver in Pure form or Jewellery, Utensils, Decorative items and all household itemsincluding crockery, cutlery made of silver at 2.5% of the prevailing market rates.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 onchanging as per personal requirements.Zakat is payable by you on loans you have given to your friends and relatives. It should be treated as Cash inHand. You may deduct Loans Payable by you to arrive at the nett present value of your wealth.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.Zakat is not payable on personal residential House even if you have more than one and meant for residentialpurpose only. Also Zakat is not applicable on Property given on rent irrespective of how many. However Zakatis payable on the rental income.However if your intention of holding properties is to sell at a future date for a profit or as an investment, thenZakat is payable on the Market Value. 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

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