Actual market value of assets: No changes or amendments in Tax Return Form-2025: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that no changes or amendments have been introduced in the Income Tax Return Form-2025 through any SRO for the declaration of the actual market value of assets.

According to a clarification issued by the FBR on Thursday, the FBR has clarified that misinformation is being spread on social media groups regarding the new Income Tax Returns 2025.

The FBR stated that the Income Tax Return Form 2025 was made available on the FBR website on July 7, 2025. On page 66 of the return form, it was made mandatory to enter the market value of assets. The FBR has tried to stop the practice of many taxpayers who were entering “zero” in the column for the market value of assets.

The FBR further clarified that the declaration of the market value of property is entirely at the taxpayer’s discretion. Affluent individuals are already required to declare their assets under Section 7E of the Income Tax Ordinance 2001.

The FBR is not seeking this information for tax calculations. The FBR will not issue any notice to taxpayers who commit any error relating to the value of declared assets.

The FBR is confident that taxpayers will declare the value of their assets close to the actual market value.

The FBR has further conveyed to the taxpayers that the taxpayers who have already filed their returns will not be asked to amend or re-file the income tax returns.

The FBR has reiterated that the market value of assets will not be used for tax calculations, nor will it be considered for reconciliation of the wealth statement.

The IRIS system for filing income tax returns is functioning smoothly, FBR claimed.

Taxpayers have been urged to file their income tax returns at the earliest. The last date for filing of returns is September 30, 2025, FBR reminded.

Copyright Business Recorder, 2025