FBR Revises Tax Form, Adds Asset Value Details
The Federal Board of Revenue has revised its IRIS tax return form only days before the September 30 filing deadline, sparking concern among taxpayers.
The revised form now requires disclosure of the market value of assets, with authorities stating this step is intended to create reliable data for better policy decisions.
Several taxpayers expressed worry, saying those who already submitted their returns may need to file them again since additional columns are now mandatory.
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FBR officials clarified that the new column was added on August 18 and its purpose is limited to assessing the annual increase in asset values.
The revenue body further explained that determining asset value is unrelated to tax matters and no taxpayer would face action based on this new information.
The filing deadline remains September 30 and taxpayers are advised to complete submissions through the updated IRIS system without delay.
