Income Tax Return simplified as FBR drops asset market value column

Islamabad-(News Desk)-The Honorable Prime Minister Muhammad Shehbaz Shareef constituted a Committee, chaired by the Federal Minister for Law Senator Azam Nazeer Tarar to examine the new column introduced by FBR in the IRIS tax return requiring tax filers to declare the estimated fair market value of moveable and immovable assets, assess its implications for the tax filers, and recommend corrective measures or improvements.

The Committee comprised of the Federal Minister for Petroleum, Minister of State for Finance, Attorney General for Pakistan, SAPM on Coordination of Office of DPM, Secretary Finance, Chairman FBR, and Member Customs FBR.

FBR Introduces Mandatory Market Value Disclosure in Income Tax Returns

The Committee held a meeting on Friday 26 September. After detailed deliberations, the Committee recommended that the new column introduced in the IRIS tax return, requiring the declaration of estimated fair market value of moveable and immovable assets by the tax filer, may be removed in the interest of simplifying the tax filing process.

The recommendation was submitted to the Honorable Prime Minister. The Honorable Prime Minister has approved the recommendation of the Committee.

In pursuance of the directions of the Honorable Prime Minister, and keeping in view the difficulties being faced by taxpayers, the column of “Estimated Fair Market Value” has been removed from the Income Tax Return.

It is clarified that the said column had been introduced solely for the purpose of data collection to support the Economic Survey and had no bearing whatsoever on the assessment of income or tax liability.

FBR remains committed to facilitate taxpayers in all possible ways and urges all eligible taxpayers to file their Income Tax returns correctly and with honesty at the earliest as the deadline for filing is 30th September, 2025.