The Administrator General Zakat has announced the Nisab of Zakat for the Zakat year 1445-46 AH at Rs. 179,689, according to a notification issued by the Ministry of Poverty Alleviation & Social Safety.
No Zakat Deduction Below Nisab Threshold
As per the notification, no Zakat deduction at source will be made if the amount in an account is below Rs. 179,689 on the first day of Ramzan-ul-Mubarak 1446 A.H. The deduction applies to savings bank accounts, profit and loss sharing accounts, and other similar financial products.
Zakat Deduction Date – March 2025
The first day of Ramzan-ul-Mubarak 1446 A.H. has been designated as the “Deduction Date”, which is expected to fall on March 1 or 2, 2025, depending on the appearance of the moon. On this date, financial institutions will deduct Zakat from eligible accounts.
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Instructions for Zakat Collection & Controlling Agencies
All Zakat Collection & Controlling Agencies (ZCCAs) have been instructed to deduct Zakat accordingly. A copy of Form CZ-08 (A&B) must be submitted to the Ministry after depositing the collected Zakat in Central Zakat Account No. CZ-08, maintained by the State Bank of Pakistan.
Who Is Exempt from Zakat Deduction?
- Customers who have submitted Zakat exemption certificates will not have any deduction.
- Zakat applies to savings accounts and financial products offered by banks, asset management companies, and other financial institutions.
Increase in Nisab from Last Year
The Nisab of Zakat has been increased this year from the previous value of Rs. 135,179, reflecting changes in financial benchmarks.
Conclusion
With the updated Nisab, individuals with account balances exceeding Rs. 179,689 should prepare for automatic Zakat deduction in March 2025. Those who seek exemption should ensure they have submitted the necessary documents before the deduction date.
