Karachi: Government fixed Zakat deduction rate from saving and profit and loss sharing bank accounts for current lunar year at Rs 103,159. Ministry of Poverty Alleviation and Social Security issued notification for 1443-44 Hijri for deduction of 2.5 percent Zakat from accounts having minimum of Rs 103,159 in balance on first day of Ramadhan.

First day of holy month of Ramadhan is likely to fall on March 23 or 24 (subject to moon sighting) for deduction of Zakat. Zakat will be deducted from saving, profit and loss-sharing and other similar bank accounts on first day, which has been notified as ‘deduction date’.

No deduction of Zakat at source shall be made in case of Current Accounts, or amount in account will be lesser than value fixed by Ministry. Nisab has been announced after consultation with concerned departments and institutions, according to Ministry’s notification.

Published in The Daily National Courier, March, 21 2023

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