DEDUCTION OF ZAKAT AT SOURCE IN RESPECT OF SAVING / PROFIT AND LOSS SHARING AND SIMILAR BANK ACCOUNTS

Government of Pakistan, Ministry of Religious Affairs & Interfaith Harmony issued a letter to All Banks / Financial Institutions regarding Deduction of Zakat at Source in Respect of Saving Bank / Profit and Loss Sharing and Similar Bank Accounts (Asset Code No.101) and Deposit thereof Immediately after Deduction Date.

• Administrator Zakat has notified the “Nisab of Zakat” for the Zakat year 1439-40 AH at Rs.44,415/- (Rupees; Forty four thousand fifteen only). No deduction of Zakat at source shallbe 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 to Zakat and Ushr Ordinance, 1980, is less than Rs.44,415/- (Rupees: Forty four thousand four hundred fifteen only) on the first day of Ramazan-ulMubarak, 1440 A.H. First day of Ramazan-ul-Mubarak has already been notified as the “Deduction date” likely to fall on 6th or 7th May, 2019 (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.44,415/- (Rupees: Forty four thousand four hundred fifteen only).

• All the Zakat Collection Controlling Agencies (ZCCAs) are requested to deduct the Zakat accordingly. A copy of return of Form CZ-08A 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.