The government has fixed Nisab for Zakat deduction from saving and profitand loss-sharing bank accounts for the current lunar year at Rs103,159.
The Ministry of Poverty Alleviation and Social Security has issuednotification for 1443-44 Hijri for deduction of 2.5 percent Zakat fromaccounts having minimum of Rs103,159 in balance on the first day of Ramazan.
The first day of Ramazan is likely to fall on March 23 or 24, 2023 (subjectto the moon sighting).
Zakat will be deducted from saving, profit and loss-sharing and othersimilar bank accounts on the first day of Ramazan, which has been notifiedas the ‘deduction date’.
Read Top Stories
No deduction of Zakat at source shall be made in case of the CurrentAccounts, or the amount in the account will be lesser than the value fixedby the ministry.
The Zakat Nisab fixed during the year 2022 was Rs88,000.
