The Federal Board of Revenue (FBR) has issued a clarification regarding changes to the income tax return form for 2025, just days before the September 30 filing deadline.
Key Points of FBR’s Clarification:
- Deadline Remains Unchanged: The FBR stated that the deadline for filing income tax returns remains September 30.
- New Column Added: The FBR addressed reports that a new column had been added to the IRIS form, requiring taxpayers to disclose the market value of their assets. It clarified that this column was incorporated on August 18 and no new SRO was issued for this purpose.
- Purpose: The new column’s purpose is to collect authentic data on the market value of assets for better policymaking.
- No Impact on Tax Liability: The FBR emphasized that declaring the market value of assets will not affect tax liability and will not be used to initiate proceedings against any taxpayer.
- Restriction on Entering ‘Zero’: While declaring the market value on page 66 of the form was already mandatory, many taxpayers were entering ‘zero’ in the field, which has now been restricted.
- Taxpayer Discretion: The FBR clarified that declaring the market value of property is entirely at the taxpayer’s discretion, and no notice will be issued for errors in this information.
- No Re-Filing for Existing Submissions: Taxpayers who have already filed their returns will not be asked to re-file.
