ISLAMABAD – The Federal Board of Revenue (FBR) has made key changes to the income tax return form on its IRIS portal, just days before the September 30 deadline for filing returns.
Mandatory market value declaration
Under the new rules, the FBR now requires taxpayers to declare the market value of their properties in annual returns. This step aims to stop the practice of undervaluing assets to lower taxable income. Taxpayers will also need to provide details of yearly increases in property values, ensuring transparency in asset appreciation.
Officials confirmed that the measure is part of wider reforms designed to strengthen compliance and bring more accuracy into the tax filing system.
Last-minute changes spark concern
The sudden updates to the IRIS system have surprised many taxpayers and consultants. With the filing deadline still set for September 30, the FBR has urged individuals and businesses to avoid last-minute submissions and ensure accuracy in their returns.
In a public advisory, the FBR stressed the importance of honest declarations, saying: “Submit your income tax correctly and honestly.”
Simplified return form launched
To ease the process, the FBR has also introduced a simplified tax return form. The new format is designed to reduce complications for filers and encourage more people to become part of the tax net.
Tax experts say the move could help increase compliance but may also create short-term challenges due to the sudden rollout. Despite concerns, the FBR maintains that accurate reporting is essential for a fair and transparent tax system.
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