The State Bank of Pakistan (SBP) has asked banks for deduction of Zakat at source in respect of saving banks/profit and loss sharing and similar bank accounts and deposit on first Ramazan.
Administrator General Zakat, Ministry of Religious Affairs & Interfaith Harmony has notified Rs46,329 (rupees forty-six thousand three hundred twenty nine) Nisab for Zakat for the Zakat year 1440-41 AH for deduction at source in respect of saving banks/profit and loss sharing and similar bank accounts.
The Nisab for the deduction of Zakat has been enhanced by some 4 percent or Rs 1,914 because of rising gold and silver prices. Nisab for Zakat for the year 1439-40 was Rs 44,415.
According to Ministry of Religious Affairs and Interfaith Harmony, no deduction of Zakat at sources will be made, in case the amount standing to the credit of an account is less than Rs 46,329 on the first day of Ramazan-ul-Mubarak 1440 A.H.
The ministry said that first day of Ramazan as the deduction date likely to fall on April 24th or 25th, 2020 (subject to appearance of moon) for deduction of Zakat from saving bank accounts, profit and loss sharing account and other similar accounts having credit balance of Rs 46,329.
The ministry has asked all the Zakat Controlling Agencies (ZCCAs) to deduct Zakat accordingly and a copy of the return of form CZ-08A may be provided to the ministry immediately after depositing Zakat in Central Zakat Account CZ-08 being maintained with the State Bank of Pakistan.
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