The notification of deduction of Zakat Percentage at source in respect of saving banks/profit and loss sharing and similar bank accounts (Asset Code No. 101) and Deposit thereof immediately after deduction date has been issued on 17th March 2023 by the Ministry of Poverty Alleviation and Social Safety.
Calculation of Zakat of Saving/Profit Bank Accounts 2023 Immediately
I am directed to say that Administrator General Zakat has notified the “Nisab of Zakat” for the Zakat year 1443-44 A.H at Rs. 103,159/- (Rupees One Hundred Three Thousand One Hundred Fifty Nine Only). No deduction of Zakat at source shall be made, in case the amount standing to the credit of an account in respect of the assets mentioned in column 2 of Serial No.1 of the first schedule of Zakat and Ushr Ordinance, 1980, is less than Rs. 103,159/- (Rupees One Hundred Three Thousand One Hundred Fifty Nine Only) on the first day of Ramzan-ul-Mubarak, 1444 A.H.
First day of Ramazan-ul-Mubarak has already been notified as the “Deduction date” likely to fall on 23rd or 24th March, 2023 (subject to appearance of the moon) for deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing Accounts and other similar Accounts having credit balance of Rs. 103,159/- (Rupees One Hundred Three Thousand One Hundred Fifty Nine Only).
All the Zakat Collection Controlling Agencies (ZCCAs) are requested to deduct the Zakat accordingly. A copy of return of Form CZ-08(A&B) may please be provided to this Ministry immediately after depositing Zakat in Central Zakat Account No.CZ- 08 being maintained with the State Bank of Pakistan.
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