Bank Zakat Deduction 2020

Government of Pakistan, Cabinet Secretariat, Poverty Alleviation & Social Safety Division has issued the official Notification letter on 20th April, 2020 in connection with bank zakat deduction 2020 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.


According to the letter, I am directed to say that Administrator General Zakat has notified the ” Nisab of Zakat” for the Zakat year 1440-41 AH at Rs.46,329.00/- (Rupees: Forty Six thousand three hundred twenty nine only). No deduction of Zakat at source shall be made , in case the amount sanding 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. 46,329.00/- (Rupees: Forty Six thousand three hundred twenty nine only) on the first day of Ramadan-ul-Mubarak, 1441 AH.


First day of Ramadan-ul-Mubarak has already been notified as the ” Deduction Date” likely to fall on 24th or 25th April, 2020 (subject to appearance of the moon) for bank zakat deduction 2020 from saving Bank Accounts, profit and loss sharing accounts and other similar accounts having credit balance of Rs. 46,329.00/- (Rupees: Forty Six thousand three hundred twenty nine only).


All the Zakat collection controlling agencies (ZCCAs) are requested to direct the Zakat accordingly. A copy of return of Form CZ-08A may please be provided to this Division immediately after depositing Zakat in Central Zakat Account No. CZ-08 being maintained with State Bank of Pakistan.