Please read the below summary for more details.

Determining Zakat Due Date
To begin your zakat assessment, establish your Zakat Due Date, which could fall on 1st Raman, 21st Ramzan, 1st Moharrum, or any other suitable date as per the lunar calendar. This date, once set, remains consistent annually. Zakat is then owed each year on the zakatable assets you possess on this designated date.

Zakat on Precious Metals
For gold, the zakat is assessed at 2.5% of its market value on the Zakat Due Date. Likewise, zakat on silver, whether pure, in jewelry, utensils, or other household items, is levied at 2.5% of the current market value.

Zakat on Monetary Assets
A 2.5% zakat is due on all cash and bank balances within your savings, current, or FD accounts as of the Zakat Due Date.

Zakat on Loans and Advances
Zakat is applicable on loans extended to friends and relatives. However, if the repayment is uncertain, exclude this amount from your zakatable wealth, only incorporating it once repaid.

Zakat on Various Bonds and Policies
You are liable for zakat on government, public sector, private sector bonds, insurance policies, voluntary provident fund contributions, gratuity, PF settlements, and pension commutations received.

Zakat on Real Estate
No zakat is required on personal residences, regardless of quantity, provided they are for residential use only. However, zakat is due on rental income, post maintenance and other expense deductions. If properties are held for future sale or investment, zakat is owed on their market value. Any change in property holding intent, from personal use to business, necessitates zakat payment on the property value.

Zakat in Business
Businesspersons should evaluate all inventory—raw materials and finished goods—on the Zakat Due Date. Raw materials are valued at landed cost price, while finished goods are valued at market sales price. Include receivables in zakat calculations, deducting amounts owed to suppliers and loans against stock. Dead or damaged stock is valued at scrap or saleable value. Zakat is not owed on factory infrastructure but is due on the finished goods value.

Zakat in Partnership Firms
Zakat may be paid collectively by the firm or individually by partners. If opting for the latter, a partner should consider his capital and loan account standings per the latest balance sheet, adding his profit share estimate till the Zakat Due Date.

Zakat on Agricultural Output
Zakat is due on all agricultural yields, including fruits, commercial flowers, vegetables, and grains, at harvest. Multiple crops per annum on the same land necessitate corresponding zakat payments per crop, regardless of the duration. Zakat rates are 10% for rain-fed crops, 5% for externally irrigated crops, and 7.5% for mixed irrigation crops.

Zakat on Livestock
Zakat is owed on all grazing livestock such as goats, sheep, camels, cows, and buffaloes.

Liabilities Deductions
If you have loans that haven't been deducted from the above categories, you may do so here. Only loans taken for zakatable assets are deductible. Loans for non-zakatable assets like cars and houses are not deductible. Ensure honesty in zakat payment for wealth protection, as zakat needs to be paid fully and regularly.