FBR Removes ‘Estimated Market Value’ From 2025 Tax Returns — What Should Property Owners Do Now?
If you were staring at IRIS (Integrated Revenue Information System), this week wondering where that new property valuation field went, then you’re not alone. After a day of confusion, the Federal Board of Revenue (FBR) has removed the “Estimated (Fair) Market Value” column from the Tax Year 2025 return form. The rollback came after a committee review and the Prime Minister’s approval.
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What exactly changed in the IRIS form for 2025?
The extra column that briefly asked you to enter the estimated market value of your movable and immovable assets is no longer required. FBR confirmed the field’s removal in the 2025 return to “facilitate taxpayers,” following directions from the Prime Minister. The rest of the return and wealth statement structure remains.
Do I still have to declare my assets in the wealth statement?
Yes. It is nothing about the core wealth statement obligations that has changed,only the additional “estimated value” entry is gone. You still disclose assets, liabilities, expenses, and income in the usual sections, such as, rental income, capital gains (where applicable), and property details remain part of filing.
Is the return filing deadline still September 30, 2025?
As of September 27, 2025, FBR communication says there is no extension for the general returns deadline, therefore, September 30 remains the due date for individuals/AOPs. If FBR announces a change, it will appear on official channels, however, don’t wait for an extension.
I’m a landlord or property investor—what should I change in my prep?
From a real-estate filer’s point of view, the practical workflow is almost the same, minus that extra valuation cell. What matters now is clean documentation:
- Property ownership proof: registry/sale deed, FBR property record references (if any).
- Rental income trail: tenancy agreements, rent receipts, withholding where applicable.
- Expense proofs: municipal taxes, maintenance, insurance (if claimed).
- Bank trail: profit certificates and withholding statements to match inflows.
Filing quality (and audit readiness) comes from paper trail, not from an extra “estimated value” cell, so keep your records tight. (The rollback doesn’t change tax rates or calculations, it removes a controversial data point.)
How should I file now—Step by Step Guide
- Log in to IRIS and open the updated 2025 return (you won’t see the ‘Estimated Market Value’ column).
- Complete income sections (salary, business/profession, property/rent if applicable).
- Fill the wealth statement (assets, liabilities, expenditure) as usual.
- Attach/enter certificate details (bank profit, withholding).
- Reconcile: make sure your rent receipts and bank credits line up.
- E-verify and download PDFs (acknowledgment + wealth statement) for your records.
Why did FBR add the column and then roll it back?
The column was introduced in the spirit of documentation and data-gathering, but feedback from taxpayers and practitioners flagged practical challenges and confusion. A high-level committee reviewed the requirement and, with PM Shehbaz’s approval, FBR rolled it back to keep filing straightforward for this season.
What mistakes should property filers avoid this week?
- Guesswork on rent: Don’t mismatch rent received vs. tenancy agreements/bank credits.
- Undeclared liabilities: If you financed a purchase, show the loan in liabilities.
- Ignoring withholding: Landlords sometimes miss 236A/236C/236K style entries around transactions, therefore, cross-check your CNIC against withholding statements.
- No paper trail: Keep digital scans of deeds, rent contracts, payment receipts, and bank statements. Future scrutiny is more likely in a digitizing regime. (Rollback ≠ leniency.)
What does this mean for Pakistan’s real-estate ecosystem?
In the short run, compliance is simpler for tax year 2025. In the longer run, the direction is still greater documentation and digitization, especially around property income and transactions. Expect more data matching (bank, withholding, and registry information) in future cycles, even if this particular field is gone for now.
Frequently Asked Questions (FAQs)
Yes. FBR states the column was removed on the PM’s directions after a committee review.
No. File using the updated form, where the column is removed. Keep your wealth statement accurate and documented.
No official extension, Sept 30 remains the date for individuals/AOPs. File on time.
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Exactly where you always did: wealth statement + property income schedule (if rented). The rollback only removed the extra valuation field.
