The Federal Board of Revenue (FBR) has issued a detailed clarification regarding the recent changes made to the 2025 income tax return form. The announcement comes as the September 30 filing deadline approaches, easing concerns raised by taxpayers about potential re-filing requirements.
New Column Introduced in Tax Return Form
Reports suggested that the FBR had added a new column in the IRIS form, requiring taxpayers to declare the market value of their assets. This development initially sparked confusion and anxiety among filers who feared additional complications in completing their tax submissions so close to the deadline.
In response, the FBR confirmed that no new statutory regulatory order (SRO) has been issued. The column in question was incorporated into the return form earlier, on August 18. Its purpose, according to the authority, is to collect accurate data on the market value of assets to support better policymaking.
No Impact on Tax Liability
The FBR emphasized that the requirement to disclose asset values has no impact on tax liability. It will not be used as a basis for initiating proceedings against taxpayers. Instead, the new column is meant to ensure that more reliable and consistent information is available for economic planning.
Officials further explained that the column for declaring asset values already existed on page 66 of the return form. However, many taxpayers had previously entered “zero” in that section. This practice has now been restricted to encourage more accurate reporting.
Flexibility for Taxpayers
The revenue body clarified that declaring the market value of assets remains at the discretion of the taxpayer. Importantly, the information provided will not be used for tax calculations or wealth reconciliation purposes. Errors in reporting asset values will not trigger penalties or notices.
Taxpayers who have already filed their income tax returns for 2025 are not required to re-file, removing fears of duplication or extra effort.
Different Requirements for Wealthy Individuals
The FBR also highlighted that wealthy individuals are already bound to disclose detailed information about their assets under Section 7E of the Income Tax Ordinance. For other taxpayers, the requirement simply involves entering asset values that are reasonably close to current market prices.
Reassurance for the Business Community
By issuing this clarification, the FBR has attempted to address confusion and reassure both individual taxpayers and the business community. The emphasis remains on transparency and accurate data collection rather than imposing additional tax burdens.
The deadline for submitting income tax returns for the year 2025 remains September 30, and taxpayers are encouraged to file their returns in time to avoid penalties for late submission.
The FBR’s clarification makes it clear that the new column in the 2025 income tax return form is intended only to strengthen data accuracy. It does not affect tax calculations or create liabilities. With this announcement, taxpayers can file their returns with confidence, knowing that the process is designed to support fair and transparent policymaking rather than introduce new financial obligations.
