Minimum Nisab announced for Zakat deduction – SUCH TV

Minimum Nisab announced for Zakat deduction – SUCH TV

In a recent announcement, the Administrator General Zakat unveiled the Nisab of Zakat for the upcoming Zakat year 1444–45 A.H., establishing the minimum threshold at Rs135,179.

As per the Zakat and Ushr Ordinance of 1980, no Zakat deduction at source will be applied if the account balance remains below this amount on the inaugural day of Ramzan-ul-Mubarak, 1445 A.H.

The designated “deduction date” has been officially declared as the first day of Ramzan-ul-Mubarak, expected to occur on 12 or 13 March 2024 (subject to the sighting of the moon).

On this day, Zakat will be deducted from savings bank accounts, profit and loss sharing accounts, and similar accounts holding a credit balance of Rs135,179.

Zakat Collection Control Agencies (ZCCAs) have received a request to deduct Zakat accordingly and promptly furnish a copy of the return of Form CZ-08 (A&B) after depositing Zakat in Central Zakat Account No.CZ-08, maintained with the State Bank of Pakistan.

Zakat, a fundamental tenet of Islam, is obligatory for all Muslims surpassing a specified wealth threshold.

The Administrator General Zakat oversees the collection and distribution processes, ensuring that the funds reach the deserving and needy members of society.

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