ISLAMABAD – The Federal Board of Revenue (FBR) has made a sudden modification to the tax forms, adding a new column, just day before the deadline for submitting income tax returns.
The deadline for submitting income tax returns is set for September 30, but a new requirement was introduced, leaving the filers shocked.
What’s the Change
The change involves a new section in the IRS tax forms, requiring taxpayers to disclose the market value of their assets.
The FBR has made it mandatory for individuals to provide this information as part of their tax returns.
In a clarification, FBR stated that no new statutory order (SRO) had been issued regarding this change, and the addition of the new column took place on August 18. T
he aim, according to FBR, is to gather more accurate data about asset values, which will help in formulating better policies.
The board emphasized that determining the market value of assets is unrelated to tax matters and will not be used as a basis for any action against taxpayers.
However, some taxpayers have expressed concerns, pointing out that those who have already filed their returns will now need to resubmit them, as the new form cannot be completed without the added column.
