The Federal Board of Revenue (FBR) has clarified that no new changes have been introduced in the Income Tax Return Form for 2025. The clarification came after reports suggested confusion among taxpayers regarding asset declaration requirements.
According to FBR, the Income Tax return form for tax year 2025 was uploaded on its official website on July 7, 2025. The form clearly stated that it is mandatory to declare the market value of assets. However, many filers had been entering zero in this column, which has now been restricted to ensure accurate information.
The tax authority explained that declaring the market value of property is at the taxpayer’s discretion. Ordinary taxpayers are not required to carry out research or complex calculations. Only wealthy individuals, already covered under Section 7E, are bound to provide detailed asset values.
FBR emphasized that for most taxpayers, this information does not affect tax calculation. Therefore, no tax notice will be issued in case of mistakes. Taxpayers who have already filed their returns will not be asked to revise or re-file. The values declared will not be used in tax computation or wealth statement reconciliation.
The board further confirmed that the IRIS system is fully operational and functioning without technical issues. Taxpayers have been urged to submit their Income Tax returns well before the deadline of September 30, 2025.
FBR’s clarification aims to remove uncertainty and encourage timely compliance. The declaration of market value is intended to improve transparency but will not impact the final tax liability of most filers. The board assured that the process remains straightforward and taxpayer-friendly.
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