ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that no new amendment has been introduced in the Income Tax Return Form 2025 by any SRO and there is no truth in the news circulating on social media.
According to the department, this year’s Income Tax Return Form was released on the FBR website on July 7. There is a box for entering the market value of assets on page 66 of the form, however, some taxpayers were entering zero in this box, which was decided to be stopped.
The FBR clarified that entering the market value of assets is only at the discretion of the taxpayer and this information is being taken for registration purposes only. No tax will be applicable on them and no notice will be issued on the basis of any mistake.
According to officials, wealthy individuals are already providing details of their property and assets under Section 7E. However, it was also clarified that those who have already filed their returns will not be asked to amend or re-file.
The FBR further said that the market value will neither be included in the reconciliation of the wealth statement nor will it have any impact on the tax calculation. According to the agency, the IRIS system for filing income tax returns is fully functional and functional.
At the end of the statement, the FBR reminded the public to submit income tax returns as soon as possible, as the last date for submission is September 30, 2025.
