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1st Ramazan

Nisab for Zakat fixed at Rs 38,406, 1st Ramazan deduction day

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…