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 percent 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.
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