Nisab of Zakat Fixed By Govt Rs 80,933 in Ramadan Pakistan 2021. The government of Pakistan on Sunday announced the Nisab of Zakat in Pakistan, as the Holy month of Ramadan approaches. The amount declared by the government as the Nisab for Zakat is Rs80,933.
Zakat fixed amount of money that a person must have, after the deduction of necessary expenses, in his/her account to be eligible to pay the tax.
According to a notification issued by the Administrator-General Zakat Fixed By Government for the lunar year 1441-42 Hijri, people maintaining a minimum Rs80,933 balance amount in savings, profit and loss sharing, or similar bank accounts on the first day of Ramazan will be liable to pay 2.5% Zakat on the total balance.
What is Zakat?
Zakat, or almsgiving, is one of the five pillars of Islam, along with prayer, fasting, pilgrimage (Hajj) and belief in Allah (SWT) and His Messenger, Prophet Muhammad (SAW). For every sane, adult Muslim who owns wealth over a certain amount – known as the nisab – he or she must pay 2.5% of that wealth as Zakat. Zakat is the third pillar of Islam. It is an obligatory act of charity amounting to 2.5% of a Muslim’s annual savings.
What is Nisab?
The nisab is the minimum amount of wealth a Muslim must possess before they become eligible to pay Zakat. This amount is often referred to as the nisab threshold. While Nisaab is a fixed amount of money that a person must have, after the deduction of necessary expenses, in his/her account or possession to be eligible to pay the tax.
Gold and silver are the two values used to calculate the nisab threshold. The nisab is the value of 87.48 grams of gold or 612.36 grams of silver.While Nisaab is a fixed amount of money that a person must have, after the deduction of necessary expenses, in his/her account or possession to be eligible to pay the tax.
The Peoples Eligible to receive Zakat:
There are eight categories of people who are eligible to receive Zakat.
- The poor
- The needy
- Administrators of Zakat
- Those whose hearts have been recently reconciled
- Those who have been enslaved
- Those in debt
- In the cause of God
- Travelers (including refugees)