- Deadline for filing returns remains unchanged as September 30.
- IRIS system fully operational, FBR urges timely submission.
- Taxpayers who already filed returns won’t be asked to refile.
ISLAMABAD: Just days before the deadline for filing income tax returns, the Federal Board of Revenue (FBR) has amended the tax form, making it compulsory to declare the market value of assets.
The deadline for filing, as previously announced by the FBR, remains September 30.
The changes have been made in the form on its IRIS portal to ensure that the market value of assets is disclosed.
The tax authority stated that false misinformation was being spread on social media regarding alleged amendments to the income tax return for the tax year 2025.
Rejecting the rumours, the FBR clarified that no changes had recently been made through any Statutory Regulatory Order (SRO). The current return form was published on the FBR website on July 7.
Required data not for tax calculations
The FBR further stated that the inclusion of the market value of assets on page 66 of the return form had already been mandatory. However, many taxpayers were entering zero in the relevant field, which has now been restricted.
It clarified that declaring the market value of property remains entirely at the discretion of the taxpayer. It added that the purpose of the required details was neither tax calculations nor any notice will be issued for errors in this information.
The revenue authority stated that wealthy individuals were already submitting information regarding their assets under Section 7E, while other taxpayers are only expected to declare values close to actual market prices.
It emphasised that asset values declared will neither be used for tax calculation nor considered in the reconciliation of the wealth statement. Taxpayers who have already filed returns will not be asked to re-file.
