The Federal Board of Revenue (FBR) has introduced significant changes to the income tax return form on its online IRIS portal, making it mandatory for taxpayers to disclose the market value of their assets.The move comes only days before the September 30 deadline for filing tax returns.In a bid to tighten compliance, the FBR has directed taxpayers to provide details of the current market value of properties in their annual tax returns.

Officials confirmed that this measure is designed to curb the common practice of understating property values to reduce taxable liability. Taxpayers will now also be required to disclose details of the annual increase in property value, ensuring that asset appreciation is transparently recorded.The updates were rolled out to the IRIS system only a few days before the filing deadline, catching many taxpayers and consultants by surprise.

While the last date for submitting tax returns remains September 30, the FBR is encouraging early compliance to avoid a last-minute rush.The authority has urged individuals and businesses to ensure timely and accurate submissions. In a public advisory, FBR emphasized the importance of filing returns truthfully. “Submit your income tax correctly and honestly,” the revenue body said.To make the process easier, FBR has rolled out a new simplified tax return form. The updated format is aimed at reducing complications for filers and encouraging more people to join the tax net. 

Credit: Independent News Pakistan (INP)