Zakat Nisab fixed at Rs103,159, to be deducted on 1st Ramazan
March 22, 2023 01:56 AM
The government has fixed Nisab for Zakat deduction from saving and profit and loss-sharing bank accounts for the current lunar year at Rs103,159, reported 24NewsHD TV channel on Tuesday.
The Ministry of Poverty Alleviation and Social Security has issued notification for 1443-44 Hijri for deduction of 2.5 percent Zakat from accounts having minimum of Rs103,159 in balance on the first day of Ramazan.
The first day of Ramazan is likely to fall on March 23 or 24, 2023 (subject to the moon sighting).
Zakat will be deducted from saving, profit and loss-sharing and other similar bank accounts on the first day of Ramazan, which has been notified as the ‘deduction date’.
No deduction of Zakat at source shall be made in case of the Current Accounts, or the amount in the account will be lesser than the value fixed by the ministry.
The Zakat Nisab fixed during the year 2022 was Rs88,000.
Reporter Ashraf Khan