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Govt fixes Nisab-e-Zakat at Rs44,415.

The Ministry of Religious Affairs and Interfaith Harmony has fixed Nisab for deduction of Zakat from the bank accounts for the lunar year 1439-40 A.H at Rs44,415, a private media outlet reported on Friday. The Nisab has been fixed on the basis of the value of 52.5 Tola silver.

This year, the Zakat Nisab has been increased by Rs5,217 (around 14pc) owing to a surge in gold and silver prices. The Nisab was fixed at Rs39,198 last year.

No deduction of Zakat at source shall be made in case of the current accounts, or the amount in the account will be lesser than the value announced by the ministry.

The Nisab has been announced after consultation with concerned departments and institutions, a notification of religious ministry said.

The 2.5 per cent Zakat deduction, will be applied on saving, profit and loss sharing and other similar accounts carrying amount not lesser then Rs44,415.

However, the account holders, who have already submitted an affidavit, will be exempted from the deduction.

The deduction will be made on 1st of Ramadan, which is likely to fall on May 6th or 7th.

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Publication:Pakistan Today (Lahore, Pakistan)
Date:May 3, 2019
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