ISLAMABAD: With Ramadan just a few days away, the federal government on Sunday announced the rate of Nisaab for Zakat.
Nisaab is a fixed amount of money that a person must have, after the deduction of necessary expenses, in his/her account to be eligible to pay the tax.
According to a notification issued by the Administrator General Zakat for lunar year 1441-42 Hijri, people maintaining minimum Rs80,933 balance amount in savings, profit and loss sharing or similar bank accounts on the first day of Ramazan will be liable to pay 2.5% Zakat on the total balance.