Nisab of Zakat 2021!
The Nisab of Zakat 2021 has been fixed at Rs80,933 in Pakistan.
The government on Sunday has announced the Nisab of Zakat as the Holy month of Ramadan approaches.
According to a notification issued by the Administrator-General Zakat for the lunar year 1441-42 Hijri, a person maintaining a minimum Rs80,933 balance amount in savings, profit and loss sharing, or similar bank accounts on the first day of Ramadan will be liable to pay 2.5% Zakat on the total balance.
Zakat is the third pillar of Islam. It is an obligatory act of charity amounting to 2.5% of a Muslim’s annual savings.
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.
It should be noted that Nisab of Zakat 2020 was Rs46,329.