One of the five pillars of Islam and a religious duty, zakat will be applied to profit and loss sharing (PLS) and savings accounts having a balance of at least Rs135,179.
Account holders who satisfy this requirement must pay 2.5% of their whole account balance in Zakat.
The announcement of the Zakat Nisab 2024 was made by the Ministry of Poverty Alleviation and Social Security. According to the notification, on the first day of Ramadan this year, banks will deduct Zakat from accounts with a minimum balance of Rs135,179.
The system is being carried out according to the teachings of Islam. The main purpose of this is to reduce poverty in our country by following Islam.
On the first day of Ramadan, accounts having a balance of less than Rs135,179 would not have their Zakat deducted.
Also Read: Ramadan Relief Package 2024 Launched at Utility Stores: Avail Now
The Zakat and Ushr Ordinance of 1980, which stipulates that no Zakat would be withheld if a bank account has less than the declared amount, is in line with this exemption.
It has been directed that the Zakat Collection Controlling Agencies (ZCCAs) deduct the appropriate amount of Zakat. This year, March 12 is anticipated to be the first day of Ramadan, contingent upon the sighting of the moon.
Account holders can submit a “Zakat exemption” form to their banks in order to avoid having their Zakat deductions taken out.
The nation’s rising inflation is reflected in the annual increase of Zakat Nisab. Over the previous five years, the Zakat Nisab has increased significantly, rising from approximately Rs46,000 in 2020 to more than Rs103,000 in 2023. The Nisab now costs Rs135,179, more than thrice what it did in 2018.
