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Nisab for Zakat deduction on bank accounts fixed at Rs46,329

KARACHI: Nisab for Zakat deduction on bank accounts for the current lunar year has been fixed at Rs46,329.

According to a notification put out by the Poverty Alleviation and Social Division, no Zakat deduction at source will be made in case “the amount standing to the credit of an account in respect of the assets mentioned in column 2 Serial No.1 of the first schedule of Zakat and Ushr Ordinance, 1980 is less than Rs46,329…. on the first day of Ramzan-ul-Mubarak, 1441 A.H.”

The first day of the upcoming holy month of Ramazan notified as “deduction date” is likely to fall on April 24 or April 25.

Zakat will be deducted from saving bank accounts, profit and loss sharing accounts and other similar accounts having a credit balance of Rs46,329.

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