Zakaat

Including the wealth one acquired on one's zakaat day in one's zakaat calculation

Q: My zakaat date is on the first of Ramadhaan. At which time will I have to take an account to work out my zakaat, as during the day, I will also be doing trade. Hence, if I buy and sell during the day, will I include the wealth I acquire on that day in my zakaat calculation? Similarly, if I incur debts during the day, will I deduct the debts from my zakaat calculation?

Calculating zakaat according to the nisaab of gold and silver

Q: If in 2017 and 2018 a person followed the silver nisab but happened to not pay Zakah in those years despite meeting the silver Nisaab then at a later point (maybe 2018 onwards) he moved to the gold nisaab and when he did calculation for past Zakah, he used the gold nisaab retroactively, even for those years where he followed silver nisaab but that meant for those years he did not owe Zakah according to gold nisaab. Would he be required to still pay Zakah for those two years because at the time of those two years he was following silver nisaab?

Calculating the market value of an item

Q: I sell clothing to chain stores as well as other traders. The chain stores mark up their clothing with a very high markup, making 300% to 400% profit. Other traders' mark up is not so high. The chain stores (e.g. Pep or Ackermans) have many 100 of branches in the country compared to the other traders that I sell to. Hence, the total number of traders will be 60 or 70 compared to the number of chain store branches in the country.

When calculating zakaat, the market value is considered. However, the normal traders sell it at R150 and those chains stores sell it at R300. Will one consider R150 as the market value or R300?

If the market value is considered according to the value of the chain stores, it will be quite difficult for the normal traders who only sell it at R150.