Nisab of Zakat fixed at Rs88,927 State Bank of Pakistan

Nisab of Zakat fixed at Rs88,927

KARACHI: The federal government on Wednesday announced an amount of Rs88,927 as deduction of Zakat from bank accounts and deposits on the first day of the holy month of Ramzan.

According to a notification issued by the Cabinet Secretariat the administrator General Zakat had notified the ‘Nisab of Zakat’ for the Zakat Year 1442-43 AH at Rs88,927.

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 Rs88,927 on the first day of Ramzan ul Mubarak 1443 AH.

First day of Ramzan has already been notified as the deduction date likely to fall on April 3 or 4, 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.

All the Zakat collection controlling agencies have been asked to deduct the Zakat accordingly.

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