Nisab set at Rs 80,933 for Zakat deduction

ISLAMABAD: The Poverty Alleviation and Social Safety Division has set the 'Nisab for Zakat' at Rs 80,933 for the current year, enabling the banks to deduct the Zakat at source from the saving as well as profit and loss sharing accounts having cash up to the fixed nisab on first of Ramazan, which will fall on April 14 or 15 subject to crescent appearing.

“People maintaining a minimum of Rs 80,933 (Rupees eighty thousand nine hundred thirty-three only) balance on the first day of Ramazan would be liable to pay 2.5 per cent Zakat on the first day of the fasting month of Ramazan,” said a notification issued by the Poverty Alleviation and Social Security Division for lunar year 1441-42 AH.

No deduction of Zakat at source shall be made in case of the current accounts, or the amount in the account lesser than the value announced by Poverty Alleviation and Social Safety Division, said the notification.

However, the account holders, who have already submitted an affidavit, will be exempted from the Zakat deduction.

The notification said the Nisab had been fixed on the basis of the value of 52.5 tolas silver. This year the Zakat Nisab had been increased by Rs 34,604 because of surge in gold and silver price.

The Nisab was fixed at Rs 46,329 in the previous year.

Nisab is calculated in accordance with prices of gold and silver. The amount collected on account of zakat is distributed among the needy and poor patients in hospitals in Pakistan.