The Federal Board of Revenue (FBR) has released an explanation about incorrect information on various social media groups about Income Tax Returns 2025.
According to the official press release, the FBR has not introduced any amendments or changes to the Income Tax Return Form 2025 through a new SRO. Return Form was released on the FBRS website on July 7, 2025, and for this, taxpayers need to announce their assets market value on page 66.
So far, a review of the returns has revealed that many people are entering the “zero” in the column for assets market value. It has now been limited to ensure taxpayers provide accurate information.
The FBR further clarified that the announcement of the property market value is fully at the discretion of the taxpayers and it does not require any research or price, except for high network capable people who already need to provide this information under Section 7E.
For other taxpayers, these values are not used in tax calculations. Therefore, if this declaration has errors, no notice will be issued. However, taxpayers are expected to declare assets values as close to market rates as much as possible.
The tax authority has also confirmed that taxpayers who have already filed their return will not be asked to revise or re -file, as the asset market value entries are neither used for tax calculations nor to compromise in wealth statements.
The FBR emphasized that the IRIS system is fully operational and taxpayers are initially encouraged to submit their income tax declarations. The deadline for submission is left on September 30, 2025.