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It has been observed that certain elements are spreading misleading information on various social media groups regarding the Income Tax returns for tax year 2025. In this regard, it is clarified that FBR has not introduced any changes or amendments in the Income Tax Return Form for 2025 through any new SRO in recent days.
This year, FBR notified the Income Tax rreturn form for tax year 2025 on its website on July 7, 2025, wherein, it was clearly stated on page 66 that it is mandatory to declare the market value of assets.
Upon scrutiny of the returns filed so far, it has come to light that many filers were entering zero in the column for current market value of assets which has now been restricted to ensure that accurate information is provided.
It is further clarified that declaration of the market value of the property is entirely at the discretion of the taxpayer. For this purpose, no research or calculation is required except for wealthy individuals who were already required to provide such information under Section 7E. Since for other taxpayers, this information is not relevant for tax calculation, no tax notice will be issued in case of any error. However, it is expected that taxpayers will declare the value of their assets as close to the actual market value as possible.
It is also clarified that those taxpayers who have already filed their returns will not be asked to revise or re-file them, as these market value entries will neither be used for tax computation nor taken into account for the reconciliation of wealth statements.
The IRIS system is fully operational and functioning smoothly for filing of income tax returns. Taxpayers are urged to file their income tax returns at the earliest, as the deadline for filing is September 30th, 2025.
