” Nisab fixed at Rs135,179, up 31% from last year ” | GNN INFO

The Ministry of Poverty Alleviation and Social Safety has notified Rs135,179 as the Nisab of zakat – the minimum amount in bank accounts on which zakat will be deducted on the eve of first Ramazan, which will fall either on March 12 or 13, depending on the sighting of the moon.

Banks will deduct 2.5% of the total amount in their accounts as zakat. No deduction will be made at source in case the amount stands less than Rs135,179, according to a notification of the ministry posted on the State Bank of Pakistan’s (SBP) website on Thursday.

The Nisab is higher by 31%, or Rs32,020, this year as compared to Rs103,159 last year, it has been learnt.

The first day of Ramazan has been notified as the “deduction date”, when zakat will be collected from banks’ saving accounts, profit and loss-sharing accounts and other similar accounts, according to the notification.

People who have submitted zakat exemption affidavits are not liable to pay zakat on their bank balance. Moreover, those people and corporations who are maintaining current accounts are also not liable to pay zakat through their bank accounts.

Published in The Express Tribune, March 8^th, 2024.

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