Zakat Nisab 2021 in Pakistan. Find Nisab of Zakat in Pakistan with Zakat Rate 2021. Discover Zakat Nisab 2021 Notification from State Bank of Pakistan.
Every Ramadan, Muslims are obligated to pay Zakat in order to help ease the burden on the destitute and impoverished people of the society. Zakat is a donation done by Muslims when Ramadan starts and is calculated on their excess wealth at a 2.5% rate annually. It is one of the five pillars of Islam and is the duty of every Muslim to do so. In order to understand how much Zakat you have to pay there is a certain amount fixed on Zakat called Zakat Nisab.
We have listed all the Zakat Nisab 2021 queries and how much Zakat Nisab rate in Pakistan for this year is Zakat Nisab in Urdu.
What is Nisab?
Nisab is the minimum amount of a Muslim’s savings that make a person eligible to pay Zakat. As Zakat is calculated on a Muslim’s net worth, the greater the amount of accumulated wealth, he is liable to pay a higher Zakat value. The Zakat Nisab 2021 Pakistan is set by the Government based on the teachings of the Prophet.
Who can pay Zakat?
Zakat is a compulsory and a fardh for every adult Muslim man or woman who is free, sane and in complete control of their wealth. A person who has a pending loan that he must repay can not be liable for Zakat until he/she has repaid the loan. Moreover, it is also not obligatory for children to pay Zakat as well.
When is Zakat 2021 Due?
Zakat payment is due on Muslims after one hawl. Hawl is an Arabic term that means lunar year after you become eligible to pay Zakat. It is wajib for every Muslim to pay the proper amount of Zakat and with the Zakat Nisab Hanafi rate that is set.
What is Zakat Nisab 2021 in Pakistan?
The Govt of Pakistan has announced the Zakat Nisab 2021 in Pakistan at Rs. 80,933. The Nisab of Zakat in Pakistan is fixed at PKR 80,933 in 2021.
Zakat Nisab Pakistan 2021
Zakat Nisab Pakistan for the year 2021 is set at a fixed rate of Rs. 80,933 by the Government and it will be deducted from the first of Ramadan. This means people who have at least 80,933 Rupees in their account as savings and profits in the bank, then on the first of Ramazan, a 2.5% of their savings will be deducted as Zakat.
How to Calculate Zakat 2021?
To calculate your Zakat for Ramadan 2021, add the value of your savings in cash shares and the gold and silver you own over your wealth then subtract them your bills, house and food expenses, and your dues. If the remaining balance is more than the 2021 Nisab value of Rs. 80,933 then you have to pay the fixed 2.5% rate of Zakat.
Who is eligible for Zakat?
A poor and needy person or his/her who is poor and whose income doesn’t meet the basic requirements enough to have savings that can fall under Nisab are eligible for Zakat. However, the recipient of Zakat should not be your immediate family members such as your parents, grandparents, children, and spouse.
Zakat is compulsory on the wealth that is been accumulated in excess for one lunar year.
Wealth and Items on Which Zakat is Payable
If you have had the following assets and wealth for more than an year, it makes it compulsory to pay Zakat on them. Here’s the list below:
- Silver and Gold: If you have any gold or pure silver at home whether it is in the form of jewelry or any other, then according to Zakat Nisab Hanafi, you have to pay Zakat on it. However, stones and other precious metals like diamonds, etc are not liable for Zakat.
- On Cash: Any extra and wealth is excess in your home, bank accounts, shares, bonds, investments, etc are all wealth items that you have to pay Zakat on.
- Items bought for Trade: Any items or goods that you have bought to sell or trade are categorized as wealth that has Zakat due on them. Moreover, businesses also need to pay taxes on their profits
Wealth and Items on which Zakat is Not Payable
Zakat is only due on assets and wealth that you have accumulated for more than a lunar year and wealth that is not due for your home bills, taxes, dues, loans, fees, etc.
How much Zakat is 7.6 Gold Tola?
Zakat is due on gold. As Nisab was set by Prophet Muhammad at 20 Mithqaal of gold or 200 dirhams of silver. This is the equivalent of 87.48 grams (7.5 tola) of gold and 612.36 grams (52.5 tola) of silver, respectively.
Make your Zakat online donations with ease with Asaan Donation Daraz Say This Ramadan or stay on track with your Ramadan timings with Ramadan Iftar Timings & Sehri Timings Calendar 2021. You might also want to know How Much is Kaffarah in Pakistan.