Daily Times

The federal government on Sunday announced the rate of Nisab for Zakat as the holy month of Ramazan is about to set in.

Nisaab is a fixed amount of money that a person must have, after the deduction of necessary expenses, in his/her account to be eligible to pay the Zakat.

According to a notification issued by the Administrator General Zakat for lunar year 1441-42 Hijri, the people maintaining minimum Rs80,933 balance amount in savings, profit and loss sharing or similar bank accounts on the first day of Ramazan will be liable to pay 2.5 percent Zakat on the total balance. No deduction of Zakat at source shall be mentioned in case the balance is less than Rs80, 933 on the first day of Ramazan-ul-Mubarak as the deduction date is likely to fall on 14th or 15th April 2021, subject to appearance of moon, for deduction of Zakat from saving bank accounts, profit and loss sharing accounts and other similar accounts.