FBR Debunks Social Media Rumors: No Changes Made to Tax Return Form 2025

The Federal Board of Revenue (FBR) has issued a clarification regarding false information being circulated on various social media groups about the Income Tax Return 2025. According to the official press release, FBR has not introduced any amendments or changes to the Income Tax Return Form 2025 through a new SRO. The return form was released on FBR’s website on July 7, 2025, and it clearly requires taxpayers to declare the market value of their assets on page 66. The review of returns filed so far revealed that many individuals were entering “zero” in the column for the market value of assets. This has now been restricted to ensure taxpayers provide accurate information. FBR further clarified that the declaration of property market value is entirely at the discretion of taxpayers and does not require any research or valuation, except for high-net-worth individuals who are already required to provide this information under Section 7E. For other taxpayers, these values are not used in tax calculation. Therefore, no notices will be issued if there are mistakes in this declaration. However, taxpayers are expected to declare asset values as close to market rates as possible. The tax authority also confirmed that taxpayers who have already filed their returns will not be asked to revise or re-file, since the asset market value entries are neither used for tax calculation nor for reconciliation of wealth statements. FBR emphasized that the IRIS system is fully operational and taxpayers are strongly encouraged to file their income tax returns at the earliest. The final deadline for submission remains September 30, 2025.