ISLAMABAD – The Federal Board of Revenue (FBR) has dismissed reports of introducing new changes in the Income Tax Return form for the tax year 2025, terming them baseless and misleading.
In an official statement, the FBR clarified that no amendments have been made to the return form through any statutory regulatory order (SRO) in recent days. The Income Tax Return form for the tax year 2025 was issued on July 7 and is available on the FBR website.
The clarification comes amid confusion regarding the requirement to disclose the market value of properties or assets on page 66 of the form. The FBR noted that while many taxpayers were previously entering “zero” in this column, such entries are no longer allowed. However, it emphasized that declaring the market value remains at the discretion of the taxpayer.
According to the FBR, wealthy individuals already provide asset details under Section 7E, but these disclosures are not linked to tax calculations. No notices will be issued based on errors in these entries, and taxpayers are simply expected to declare property values as close to market value as possible.
The FBR further clarified that taxpayers who have already submitted their returns will not be required to amend or refile them. It also assured that the market value of assets will not affect tax calculations or wealth statement reconciliation.
Reaffirming the functionality of the IRIS system, the FBR urged taxpayers to file their returns before the September 30 deadline.
