FBR clears the air about changes in Income Tax Form 2025

The Federal Board of Revenue (FBR) has rejected as baseless and misleading the reports claiming that new changes have been introduced in the Income Tax Return form for the tax year 2025.

The FBR clarified that no amendments or changes have been made to the return form through any statutory regulatory order (SRO) in recent days.

The statement said that the Income Tax Return form for the tax year 2025 was issued on July 7 on the FBR website, and on page 66, it already requires taxpayers to disclose the market value of their properties or assets. Many taxpayers had been entering zero in this column, which has now been prohibited; however, the FBR clarified that declaring the market value is at the discretion of the taxpayer.

According to the FBR, wealthy individuals are already providing details of their assets under Section 7E. These disclosures are not linked to tax calculations, nor will any notice be issued on the basis of any error in them. The FBR expects taxpayers to declare the value of their properties as close to market value as possible.

It was further said that taxpayers who have already submitted their returns will not be asked to amend or refile them. The FBR also clarified that market value will not be used for tax calculation or wealth statement reconciliation.

The statement also confirmed that the IRIS system is fully operational and effective, urging taxpayers to file their income tax returns before the September 30 deadline.