Zakat declaration form submission deadline

Zakat declaration form submission deadline: Zakat declaration forms are submitted by all those customer’s who don’t want bank’s or financial institutions/share holders etc to deduct zakat as per the applicable nisab amount set by the Government of Pakistan.

What is Nisab?

The word Nisab implies the base abundance or resources you should claim before you are qualified to begin paying Zakat. This base figure is known as the Nisab limit and you just compensation Zakat once you cross it.

Muslims should pay Zakat one lunar year from the day their abundance surpassed the limit.

What is the last date for the submission of zakat declaration form’s ?

Before the first Shaban ul Moazzam, an exemption from zakat must be submitted. For the current year, exemption requests received after Shaban ul Moazzam will not be considered.

On the other hand, if an account is opened on or after Shaban ul Moazam, the Zakat declaration can be obtained at the time of opening the account, and the condition of being open for thirty days prior to the valuation date is not necessary.

Is it necessary to upload forms for each joint account holder’s?

In the case of a joint account, Zakat affidavits should be submitted by each account holder separately.

What is the percentage of Zakat deduction? (Zakat declaration form submission deadline)

In case Zakat forms are not submitted by customer’s timely in case of Saving account’s and the given bank account qualifies under the nisab amount been fixed by the government, the zakat will be deducted from the given bank account on 2.5 % basis e.g supposing a customer has 100,000/- in his account and nisab fixed amount is 90,000/- then zakat deduction on 100,000/- amount will be 2,500.

Will zakat amount to be deducted on what ever amount customer has in his bank account ?

No Zakat amount from any saving bank account either maintained Singly or Jointly will deducted in case if the given bank account has a current balance of amount on or above the nisab amount as set by the government only ?

Zakat will not be deducted to on the bank accounts having balance less than the nisab amount being fixed for the current year.

Zakat declaration affidavit form (Zakat declaration form submission deadline)

Below is the format of Zakat declaration affidavit form which can be submitted by any customer in Pakistan who don’t wishes to get Zakat deducted from his bank account .

The form should be submitted before 1st Shabaan .

Cz-50

DECLARATION UNDER THE PROVISION TO SUB-SECTION(3) OF SECTION-1 OF THE ZAKAT AND USHER ORDINANCE, 1980 (XVIII OF 1980) AND RULE 20 OF THE ZAKAT (COLLECTION AND REFUND) RULES, 1981 SWORN ON OATH BEFORE. ……………………………………………………………………………………………………………………… (Name, Designation and address of the person administering oath) I…………………….…………………………………………………………………Son/Daughter/Wife/Widow of ………………………………………………………………………………………………………………….. (Name of Father or Husband of the deponent) of…………………………………………………………………………………..………. years of age Resident (Age of the deponent) of…………………………………………………………………………………………….……………………. of………………………………………………………………………………………………………….………. (Complete address of the deponent) do hereby solemnly swear by Allah that (a) I am a Muslim and follow……………………………………. Fiqah (name of the recognized Fiqh that the deponent follows) (b) According to my faith and the above said fiqh I am not obliged to pay zakat on the following types of assets in the manner laid down in zakat & usher ordinance 1980 (XVIII of 1980) and in accordance with the decision dated 9th March, 1999 of Supreme Court of Pakistan. i) Bank Account all types of bank accounts including savings bank account. Notice deposit account. Fixed deposit account and other account by whatever name described, with the Bank, Post Office, National Saving Centres and Financial Institutions etc. ii) Securities all types of bank accounts including shares, Debentures, N.I.T Units, I.C.P mutual fund certificate, Defence Savings Certificates, Special Savings Certificates, National Deposit Certificate/Account Khas Deposit Certificate/Account Premium Saving Certificates and Account thereof Government Securities etc. iii)Funds Provident Funds gratuity, Annuity etc. iv)Loans given to others v)And all other investments etc. including insurance policies, claims, premiums etc. vi)That what is stated above is true to the best of my knowledge and belief. Place: _ Date: _ Deponent: _ We: 1. ________________ Son of ___________________________ 2. ________________ Son of ___________________________ Solemnly affirm that we know the above deponent and identify him as the same person as described above. ____________ _______________ Witness (1) Witness (2) The above declaration has been solemnly affirmed on Oath before me this _ day of _____ by the above deponent in the presence of the above witnesses who identified the above deponent. Place: _ Date: _ _____________ (OATH COMMISIONER)

Will Zakat be deducted from Non-Muslim Saving bank account’s also ?

Zakat shall not be deducted in respect of the assets of non-Muslim; the fact of a person being non-Muslims to be established through a solemn affirmation in writing of the person concerned on plain paper.

Likewise the requirement of submission of Zakat form before 1st Shaban ul Moazzam will not apply in case of non-muslim saving bank account in Pakistan and non-Muslim customers can submit the written any time the want ..Ideally it should be submitted at the time of account opening to avoid any confusion.

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