Govt notifies amount for Zakat deduction
- By Web Desk -
- Jun 06, 2016
In a statement, the ministry said that under the Zakat and Ushr Ordinance 1980, no Zakat would be deducted in case a bank account had less than Rs35,557.
The deductions would be made from the first day of Ramazan. The deductions would be made from savings, profit and loss, and joint accounts, according to the notification.
Meanwhile, the State Bank of Pakistan has rescheduled bank timings for the month of Ramazan.
From Monday to Thursday, banks will remain open from 8am to 1.45pm, while on Fridays, the bank timings will be 8am-12.30pm.
What if you don’t want Zakat deduction from your bank account?
A number of people also submit ‘Zakat exemption’ forms in their banks to prevent Zakat deduction from their accounts.
People avail this facility due to lack of trust in the government as previous regimes reportedly have all too often used the Zakat fund for their own purposes.