According to a notification issued by the ministry, Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having a minimum balance of Rs103,159
Deduction Of Zakat at Source in respect of Savings banks/Profit and loss sharing and similar bank accounts (Asset code no.101) and deposit thereof immediately after deduction date. Minimum valuation amount for compulsory deduction of Zakat on 1st Ramazan 1437 Hijri is Rs. 35,557. Zakat is obligated on valuables, i.e., gold, silver, money (paper or otherwise). Zakat is fard when an individual's wealth is as much as the nisab for Zakat, i.e., the minimum amount of wealth they must have to become eligible to pay Zakat. The nisab for Zakat is: 20 Mithqals or 87.48 grams (7.5 tola) for gold Firstly, Zakat is applicable to every sane, adult Muslim who possesses wealth over a certain threshold known as the nisab. The nisab is determined by the value of gold or silver, and it represents the minimum amount of wealth one must possess before Zakat becomes obligatory. . 456 490 53 469 158 174 28 301