ISLAMABAD: The government has fixed “Nisab of Zakat” for the Zakat year 1443-44 A.H at Rs103,159 for deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing Accounts and other similar accounts. The “deduction date” is likely to fall on March 23 or 24 (subject to appearance of the moon) for deduction of Zakat.

In this regard, the Ministry of Poverty Alleviation and Social Security has issued a notification dated March 17, 2023 to the State Bank of Pakistan (SBP) and Zakat Collection Controlling Agencies.

According to the notification, the Administrator General Zakat has notified the “Nisab of Zakat” for the Zakat year 1443-44 A.H at Rs103,159. 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 than Rs103,159 on the first day of Ramazan-ul-Mubarak, 1444 AH First Day of Ramazan-ul-Mubarak has already been notified as the “Deduction date” likely to fall on March 23 or 24 (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 Rs. 103,159.

All the Zakat Collection Controlling Agencies (ZCCAs) are requested to deduct the Zakat accordingly. A copy of return of Form CZ.-08(A&B) may please be provided to this Ministry immediately after depositing Zakat in Central Zakat Account No.CZ-08 being maintained with the SBP, it added.

Copyright Business Recorder, 2023