Minimum Nisab fixed at Rs88,927 for Zakat deduction

March 20, 2022 (MLN): The government of Pakistan on Wednesday has announced the Nisab of Zakat for the year 1442-43 AH which is fixed at Rs88,927, said a notification issued by the Poverty Alleviation and Social Division while quoting Administrator General Zakat.

No deduction of Zakat at source shall be made in case the amount standing to the credit of an account in respect of the assets less than Rs.88,927 on the first day of Ramzan-ul-Mubarak, 1443 A.H, it added.

The first day of Ramazan-ul-Mubarak has already been notified as the "Deduction date" likely to fall on 3rd or 4th April 2022, subject to the appearance of the moon for deduction of Zakat from saving bank accounts, profit and loss sharing accounts and other similar accounts having a credit balance of Rs88,927, it said.

All the Zakat Collection Controlling Agencies (ZCCAS) are requested to deduct the Zakat accordingly.

The notification further added, “A copy of the return of Form CZ-08A may please be provided to this Division immediately after depositing Zakat in Central Zakat Account No.CZ-08 being maintained with SBP.”

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