ISLAMABAD, May 03 (APP):The government has fixed Rs 44,415 as Nisab of Zakat this year 1440 AH, said a notification issued by Ministry of Religious Affairs and Interfaith Harmony. Zakat will be deducted from Savings Accounts having credit balance of over Rs 44,415 on first of Ramzan-ul-Mubarak, the notification said. Zakat will be deducted from Saving Bank Accounts, Profit and Loss Sharing Accounts and Similar Accounts on May 6 or …
Government fixes Rs 44,415 as ‘Zakat Nisab’
ISLAMABAD, May 03 (APP):The government has fixed Rs 44,415 as Nisab of Zakat this year 1440 AH, said a notification issued by Ministry of Religious Affairs and Interfaith Harmony.
Zakat will be deducted from Savings Accounts having credit
balance of over Rs 44,415 on first of Ramzan-ul-Mubarak, the
notification said.
Zakat will be deducted from Saving Bank Accounts, Profit and Loss Sharing Accounts and Similar Accounts on May 6 or 7
subject to sighting of crescent. The banks will remain closed on first of Ramzan-ul-Mubarak.
The notification said that the banks must not deduct Zakat at source in case the balance amount was less than Rs 44,415 on the first day of Ramzan-ul-Mubarak.
To be liable for Zakat, which is one of the five pillars of Islam – one’s wealth must amount to more than a threshold figure, which is called ‘Nisab’. Those who do not want Zakat deduction from their accounts had until 15th of Sha’aban to submit a ‘Zakat exemption’ form.
Ramazan has great significance in Islamic calendar.Majority of people prefer to pay Zakat in this month.
