Govt announces threshold for Zakat
Banks have been directed to deduct Zakat on a minimum balance of Rs46,329 this year.
According to a notification issued by the Cabinet Secretariat on Monday, all banks have been directed to deduct Zakat from the accounts, which have a minimum amount of Rs46,329 or above.
Zakat is a religious obligation, ordering all Muslims who meet the necessary criteria to donate a certain portion of wealth each year to charitable causes. Giving away money to the poor is said to purify yearly earnings that are over and above what is required to provide the essential needs of a person or family.