FBR adds new column to tax return form days before deadline

Islamabad:  Just days before the deadline for filing income tax returns, the Federal Board of Revenue (FBR) has made a change to the tax return form.

The FBR had earlier set September 30 as the last date for filing income tax returns. However, just days before the deadline, a new column has been added to the tax return form.

The change has been made in the IRIS system, which taxpayers use to submit their returns. The new requirement mandates that filers must now declare the market value of their assets in the return.

On the other hand, the FBR clarified that no new SRO (Statutory Regulatory Order) has been issued regarding this change. The new column was added on August 18, and the purpose of this addition is to determine the market value of assets in order to formulate better policies based on accurate data.

The FBR emphasized that the market valuation of assets has no bearing on tax liability, and no legal action will be taken against any taxpayer based on this information.

Despite these clarifications, taxpayers have raised concerns, stating that those who have already filed their returns will now have to resubmit them, as the new form cannot be completed without filling out the additional column.