Here are some rules regarding Zakat that will help you find out whether Zakat is compulsory for you, and how much you need to pay.

If you are an adult, sane Muslim and you have possessed more than 85 grams of gold or 595 grams of silver or an equivalent amount of money for a complete lunar year after fulfilling all your necessities, Zakat is compulsory for you. Based on the market value of silver in Bangladesh (as of 2022), this means about 40 thousand taka.

You don’t need to pay Zakat on objects of personal use, such as clothing, food, shelter, household and office furniture, utensils, cars, shops, factories and domestic animals.

Gold and silver, whether in the form of jewelry or otherwise, will always be subject to Zakat, regardless of whether they are for personal use or not, as long as they exceed the set (nisab) amount. In calculating the Zakat amount, use the selling, not the buying price.  

You need to pay Zakat on tradable objects and business merchandises, in other words, anything you plan to sell and make a profit on. These may include poultry, cattle or fish grown in a farm or seedlings and plants grown in a nursery. The values of plots, apartments or houses that you have acquired as an investment and any rent you get must also be included in Zakat calculations.

If you have taken loans for business purposes, for example, to pay for raw materials, or pay rent, utilities wage/salary etc., you deduct that amount from your Zakat calculations.

Include any amount of cash you hold, whether in a bank or personally on hand, whether in your native or foreign currency, in your Zakat calculations as long as it exceeds the set (nisab) amount.

When calculating Zakat consider anything containing more than 50% gold or silver as gold or silver items. For example, anything more than 12 karats gold will be Zakat-able.  Calculate the Zakat on the gold based on the gold content in the jewelry (i.e. karats) and its value in the market. If you talk to a jeweler, he will help you calculate the value of the gold.

You must pay Zakat on money you have lent others as long as you are fairly certain you will get it back : for example, if the person you have lent to admits to the debt and promises to give it back or if you have the necessary papers to claim it.

You need to pay Zakat on your Provident Fund, but only when you receive the funds.

If you hold a share in a factory or company, you need to pay Zakat on its value. However, if a part of it has been spent on equipments and machinery, that part will be exempt from Zakat.

If the total value of  Zakat-able items such as gold, silver ornaments, savings, company shares, foreign currencies, saving certificates, fixed deposits etc is over the nisab (Zakat-able) amount, then you need to pay Zakat on them even if they are worth less than the nisab amount when calculated separately.

If the amount of agricultural products is more than 1,100 kilos, one-tenth of naturally produced crops and one-twentieth of artificially produced crops should be given as Zakat. If the crop is watered without much effort, such as by spring water or by rain, it is considered naturally produced.  But if it is watered from wells or irrigation channels, or if animals or machinery are used, then it is considered artificially produced.

Include any money you have in fixed deposit in your Zakat calculations.

If your savings exceed your debts you should deduct the amount of debt from the savings and pay Zakat on the rest, as long as it exceeds the nisab (Zakat-able) amount.

If you have Zakat-able ornaments but not enough cash to pay the Zakat, you should pay the Zakat with a piece of jewelry or sell it and pay the cash.

You should include the money you have saved to perform Hajj and the money you have mentally pledged to give away in your Zakat calculations. Allah says these are your debts to Him, and should not prevent you from paying Zakat.

Bridal money given to the wife by the husband and money saved for Eid ul Azha sacrifice also needs to be included in the calculation.

If you have taken a large loan to set up a business or an industry you still need to pay Zakat if you have Zakat-able objects worth the nisab amount in your possession.  It does not matter even if the loan amount exceeds the total worth of all Zakat-able objects in your possession. You still need to pay the Zakat. If you are paying back the loan in installments, you can deduct the monthly installment when you are calculating the total value of Zakat-able objects.