FBR makes mandatory for filers to disclose market value of assets in returns

A few days before the deadline for filing tax returns Federal Board of Revenue (FBR) has changed the IRIS form and made it mandatory to disclose the market value of assets in returns, reported 24NewsHD TV channel on Thursday. 

The taxpayers expressed the concern over the change in IRIS form and said those who have already filed their returns will have to file them again. New forms will not be complete without filling in additional columns, taxpayers said.

However, FBR said the filers will have to provide details of annual increase in market value of property clarifying no new SRO issued. 

The new column was added on August 18 and the purpose of the new column is to determine the market value of assets and prepare authentic data to make better policies, FBR clarified. 

FBR authorities said determination of market value of assets has nothing to do with tax matters and no action will be taken against any taxpayer on this basis. The last date for filing income tax returns is September 30, FBR reminded.

Reporter: Waqas Azeem