KARACHI: The Nisab for Zakat has been fixed at Rs38,406 for lunar year 1437-38 A.H. a government notification has said.
This essentially means that no deduction of Zakat at source shall be made in case the amount in the account will be lesser than the value defined above.
The 2.5 per cent deduction, applied on Saving, Profit and Loss Sharing and other similar accounts, will be made on 1st of Ramazan which is likely to fall on May 27 or 28, notified the Administrator General Zakat.
However, the Savings Account holders, who have already submitted an affidavit, will be exempted from the deduction.
This year the Zakat Nisab has been increased by some 8 percent because of some surge in gold and silver prices. “Nisab of Zakat” for this year is some Rs 2,849 higher than previous year (2016), in which banks deducted Zakat at minimum deposits of Rs 35,557.
The ministry has also notified first day of Ramazan as the “deduction date”.
State Bank of Pakistan has issued directives to all banks and other relevant institutions.