Islamabad: The government has set the Nisab for Zakat deduction on bank accounts at Rs135,179 for the year 2024. According to a notification issued by the Poverty Alleviation and Social Division, Zakat will be deducted from saving accounts and profit and loss sharing accounts with a balance exceeding Rs135,179, starting on the first day of Ramadan 2024.
As per the Zakat and Ushr Ordinance 1980, no deduction will be made if a bank account holds an amount below the government’s specified threshold.
The notification urges all Zakat Collection Controlling Agencies (ZCCAs) to ensure proper deduction of Zakat according to the set criteria.
The first day of Ramadan is expected to fall on March 12, 2024, pending the sighting of the moon.
Read more: Ramadan Gas Load Shedding Schedule Released
The Nisab amount for Zakat deduction stands at Rs135,179, with a Zakat rate of 2.5% for the year 2024. This means banks will deduct 2.5% Zakat from eligible accounts based on their balances.
It is clarified that banks, including HBL, do not deduct Zakat from current accounts.
ISLAMABAD: According to Pakistan Space and Upper Atmosphere Research Commission (SUPARCO), the new moon of…
KOHAT: A residential house collapsed due to heavy rain in the Malgin area of Lachi…
ABU DHUBAI: The United Arab Emirates has prepared a plan to establish a new multi-purpose port…
DUBAI: The International Cricket Council (ICC) is considering plans that could allow the Afghan women's…
ISLAMABAD: Escalating tensions between the United States and Iran have once again unsettled global oil…
ISLAMABAD: Pakistan's energy sector is headed for another high-stakes international commercial arbitration, with Petrosin CNG…