If you’re required to submit a Wealth Statement alongside your income tax return – most individual filers are – you fill it in through a “116(2) (Statement of Assets/Liabilities filed voluntarily)” wizard in IRIS. This walks through the actual data-entry screens: what to add under each asset and liability type, and where each field lives.
If your Unreconciled Amount won’t come to zero after you’ve filled everything in, see our dedicated guide on fixing an Unreconciled Amount in your IRIS Wealth Statement. For the full return walkthrough, see our step-by-step guide to filing your income tax return online.
Step 1: Open Your Wealth Statement
From the Data tab, you’ll see the 116(2) form with two tabs: Data and Verification. Under Data, the left panel lists “Personal Assets / Liabilities / Receipts / Expenses” – this is where you’ll add everything. Click Calculate at any point to refresh your totals as you go.
Step 2: Understand the Three Sections
Switch to the Verification tab to see how the statement is organized under “Personal Assets / Liabilities / Receipts / Expenses”:
- Personal Expenses – what you spent during the year
- Personal Assets / Liabilities – everything you own and owe as of the tax year end
- Reconciliation of Net Assets – where IRIS checks that your numbers add up (see our separate guide if this shows an Unreconciled Amount)
Step 3: Add Immoveable Property
Under Personal Assets/Liabilities, click the + icon next to Property. Provide the Type and Form, full Address (Unit No., Complex/Street/Block, Area/Locality, searchable by Union Council), Land Area and Covered Area with their Measurement Unit, and the Acquisition Date. Click OK to save.
Step 4: Add Financial Assets and Investments
Click + next to Financial Assets & Investments. Enter the Type and Form (savings account, mutual fund units, shares, and similar), the Account/Instrument Number (16-digit or IBAN, where applicable), the Institution (searchable), Currency, and the Opening/Acquisition Date.
Step 5: Add Motor Vehicles
Click + next to Motor Vehicle. Provide the Type, Form, Excise & Taxation Department Registration No., Maker, and optionally the Engine No., Chassis No., and Capacity. Add the Acquisition Date and, if you’ve sold it, a Disposal Date.
Step 6: Add Liabilities and Payables
Any loan, borrowing, or amount you owe goes under Liabilities. Click + and enter the Type, Form, the Creditor’s CNIC/Registration No. and Name, plus the Sanction Date and, once settled, the Discharge Date. The Payables section (money you owe that isn’t a formal loan) uses the same pattern with a Debtor’s or Creditor’s details depending on direction.
Step 7: Calculate and Check Reconciliation
Once every asset, liability, and expense for the year is entered, click Calculate. Switch to the Reconciliation of Net Assets tab to confirm the Unreconciled Amount shows 0 – IRIS won’t let you submit a Wealth Statement with a non-zero figure. If it isn’t zero, work through our Unreconciled Amount troubleshooting guide before submitting.
Common Mistakes We See With Wealth Statements
- Only declaring assets, not personal expenses. IRIS reconciles your year-over-year net worth against what you earned and spent – leaving out personal expenses is one of the most common causes of a non-zero Unreconciled Amount.
- Forgetting to add a Disposal Date on a sold asset. A vehicle or property you no longer own but never marked as disposed will keep showing in your assets and throw off next year’s comparison too.
- Mixing up Liabilities and Payables. Liabilities are typically formal loans/borrowings with a Sanction Date; Payables cover other amounts owed. Using the wrong section can misstate your net worth even when the number itself is right.
- Not updating jointly held asset shares. If your % ownership in a property or account changed during the year, the wealth statement needs to reflect that – not just the original acquisition record.
FAQ
Who is required to file a Wealth Statement?
Most individual income tax filers in Pakistan are required to file one under Section 116 of the Income Tax Ordinance – check the Return Prerequisites screen when starting your return, which will indicate if it’s mandatory for your situation.
Do I need to declare assets held jointly with family members?
Yes, using your actual % Share in that asset – this is a field on each asset type’s add form, so IRIS knows only your portion counts toward your own net worth.
What if I have no assets or liabilities to declare?
You still need to submit the statement showing your Personal Expenses for the year, even if the assets and liabilities sections are genuinely empty.
