The Zakat Nisab has been announced before the arrival of Ramadan.
According to the Ministry of Poverty Alleviation and Social Protection, from the first of Ramadan, Zakat will be deducted in banks on amounts exceeding Rs 179,689. Zakat will be deducted on savings accounts, profit and loss accounts and other such accounts.
Zakat deduction will be made on March 1 or 2, corresponding to the first date of Ramadan. The Ministry of Poverty Alleviation has issued a circular to banks regarding Zakat deduction.
According to the Zakat and Ushar Ordinance 1980, accounts with a balance of less than Rs 179,689 on the first of Ramadan will be exempted from Zakat deduction.
