ISLAMABAD: The Federal Board of Revenue (FBR) clarified on Thursday that it has not introduced any changes or amendments to the Income Tax return forms for the tax year 2025 through a new SRO in recent days.
In an official statement, the FBR noted that certain elements are spreading misleading information on social media regarding the income tax returns for 2025. The Board emphasised that no recent statutory regulatory order (SRO) has been issued to alter the return forms.
The FBR notified the Income Tax Return Form for the tax year 2025 on its website on July 7, 2025. On page 66 of the form, it was clearly stated that declaring the market value of assets is mandatory. During scrutiny of returns filed so far, it was observed that many filers entered “zero” in the column for the current market value of assets. This option has now been restricted to ensure accurate information is provided.
The FBR further clarified that the declaration of the market value of property is entirely at the taxpayer’s discretion. For most taxpayers, no detailed research or calculation is required—except for wealthy individuals already obligated to provide such information under Section 7E. Since this information is not used for tax calculation for other taxpayers, no tax notice will be issued in case of an error. However, taxpayers are expected to declare asset values as close to the actual market value as possible.
Taxpayers who have already filed their returns will not be required to revise or re-file them, as the market value entries will not be used for tax computation or reconciliation of wealth statements.
The IRIS system remains fully operational and is functioning smoothly for the filing of income tax returns. Taxpayers are urged to file their returns at the earliest, as the deadline is September 30, 2025.