FBR Wealth Statement Filing Guide
The wealth statement is the yearly declaration of everything you own and owe, filed alongside your income tax return. This guide explains who must file it under section 116 of the Income Tax Ordinance, 2001, which documents to gather, and how to submit it step by step through the FBR IRIS portal.
Who Must File (Section 116)
You must file a wealth statement if any of the following apply to you:
- You are an individual filer with taxable income of Rs 1,000,000 or more in the tax year.
- You hold foreign assets or foreign bank accounts that must be disclosed.
- You are a company or association of persons and the law requires the statement for your category.
- You are filing a return for a year in which the wealth statement was made mandatory by an SRO or finance act.
Thresholds and categories can change with each finance act. Always confirm the current requirement on the official FBR IRIS portal before the due date.
Documents Checklist
Tick each document as you collect it. The progress bar shows how ready your file is.
0 of 12 documents collected.
Step-by-Step IRIS Portal Filing
- Go to the FBR IRIS portal and log in with your CNIC/NTN and password. New users must register first.
- From the dashboard, open Declarations and select the income tax return for the relevant tax year.
- Complete the return first, because the wealth statement reconciles with the declared income.
- Open the Wealth Statement tab and fill in each section: assets, liabilities, expenses, and reconciliation.
- Enter every asset at its cost or value on 30 June of the tax year, and list all liabilities.
- Review the auto-calculated reconciliation. If wealth changed more than explained by declared income and expenses, re-check your figures.
- Submit the statement, note the acknowledgment number, and download the receipt for your record.
Wealth Statement vs Income Tax Return
| Point | Income Tax Return | Wealth Statement |
|---|---|---|
| What it reports | Income earned during the year and tax due on it | Net assets and liabilities as of 30 June |
| Purpose | Calculate the tax you must pay | Reconcile declared wealth with declared income |
| Period covered | Full tax year (1 July to 30 June) | Snapshot on the last day of the tax year |
| Legal basis | Section 114 of the Income Tax Ordinance | Section 116 of the Income Tax Ordinance |
Deadline and Penalty Notes
- The wealth statement is due on the same date as the income tax return for individuals, usually 30 September, unless FBR extends it.
- Late filing can attract a penalty under the Income Tax Ordinance and may trigger an audit of your case.
- Your filer status on the Active Taxpayers List can be affected if the statement is not filed.
- If you cannot file on time, you can request an extension through the IRIS portal before the deadline.
- Filing wrong figures can lead to additional tax, surcharge, and prosecution in serious cases.
Frequently Asked Questions
Under section 116 of the Income Tax Ordinance, 2001, every individual filer with taxable income of Rs 1 million or more in a tax year must file a wealth statement along with the income tax return. Certain other categories, such as people holding foreign assets, can also be required. Check the current rules on the FBR IRIS portal before filing.
Common documents include bank statements for all accounts, property ownership papers and purchase deeds, vehicle registration books, investment and share certificates, gold and jewellery valuations, loan and liability documents, and proof of any gifts received or given during the year.
The income tax return reports your income for the year and the tax due on it. The wealth statement reports your net assets and liabilities as of 30 June of the tax year, showing what you own and owe, so FBR can reconcile your declared wealth with your declared income.
Late filing can lead to penalties under the Income Tax Ordinance, a possible audit, and your filer status may be affected. File before the announced due date, or apply for an extension through the IRIS portal if you need more time.
Disclaimer: This guide is for general information only and does not replace professional tax advice. Tax thresholds, deadlines, and penalties can change with each finance act. Always confirm the current rules on the official FBR website or consult a tax professional before filing.