The Federal Board of Revenue (FBR) on Thursday rejected “misleading” reports claiming it had introduced a last-minute change to the Income Tax return form for 2025, maintaining taxpayers are free to declare the market value of their movable and immovable assets at their own discretion without requiring formal valuation or supporting documents.
In a statement, the tax body clarified it had not introduced any changes to the form, noting the present form had been available on its website since July 7 and had “clearly” stated it was 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 said.
Emphasizing that declaration of the market value was entirely at the discretion of the taxpayer, it said this information was irrelevant for tax calculation and any error would not invite any tax notice—except for wealthy individuals already required to provide such information under Section 7E. “However, it is expected that taxpayers will declare the value of their assets as close to the actual market value as possible,” it added.
The FBR said any taxpayers who had already filed their returns would not be asked to revise or re-file them, reiterating that market value entries were not used for tax computation, nor taken into account for the reconciliation of wealth statements.
It also maintained that the IRIS system was 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 Sept. 30, 2025,” it added.
Several tax bar associations, citing this year’s floods and the alleged change to the income tax form, have requested an extension of the filing deadline. They have also said that the IRIS portal is prone to errors, making it difficult to submit filings on time.