The Poverty Alleviation and Social Safety Division has set the 'Nisab for Zakat' at Rs88,927 for the current year, it was announced on Wednesday.

"No deduction of Zakat at source shall be made, in case the amount standing to the credit of an account in respect of the assets mentioned in column 2 of Serial No.1 of the first schedule of Zakat and Ushr Ordinance, 1980, is less thanRs.88,927/- (Rupees: Eighty Eight Thousand Nine Hundred Twenty Seven only) on the first day of Ramazan-ul-Mubarak, 1443 A.H," read a notification issued by the Poverty Alleviation & Social Safety Division, Cabinet Secretariat, Government of Pakistan for Zakat year 1442-43 AH.

"First day of Ramazan-ul-Mubarak has already been notified as the 'Deduction date' likely to fall on 3rd or 4th April, 2022 (subject to appearance of the moon) for deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing Accounts and other similar Accounts having credit balance of Rs88,927," it added.

The Nisab was fixed at Rs80,933 in the previous year.