Income Tax Return & Wealth Statement Filing in Pakistan
File Your Annual Income Tax Return and Wealth Statement Together — Expert FBR IRIS Service
Under Section 116 of the Income Tax Ordinance, 2001, every return filer must submit a Wealth Statement (Form 116) alongside their income tax return. TaxAccountant.pk prepares and files both obligations together — ensuring your declared income reconciles with your assets, liabilities, and expenses to keep your FBR profile clean and audit-free.
FBR Registered
24-48 Hr Processing
Return + Wealth Statement
Expert Support
⚠️ Deadline: 30 September Every Year — A mismatched or missing Wealth Statement triggers FBR auto-notices and Section 111 audit risk. File both your return and wealth statement correctly before the deadline.
What Is Income Tax Return & Wealth Statement Filing?
An income tax return is the annual declaration of income, expenses, and tax payable to FBR. A Wealth Statement (Form 116) is a mandatory companion declaration under Section 116 of the Income Tax Ordinance, 2001 that shows your total assets, liabilities, and personal expenses — and reconciles how the change in your net wealth aligns with your declared income. FBR uses wealth statements to cross-verify lifestyle, property, vehicles, investments, and bank balances against declared income. A mismatch triggers an auto-notice and can escalate to a Section 111 unexplained income audit. TaxAccountant.pk prepares both filings together — ensuring your income, assets, and expenses are accurately declared and fully reconciled on FBR IRIS.
Quick Facts
- Wealth Statement mandatory under Section 116, ITO 2001
- Must be filed alongside annual income tax return by 30 Sep
- Covers all assets, liabilities, and personal expenses
- Asset-income mismatch triggers Section 111 audit notice
Required Documents for Return & Wealth Statement Filing
Identity & Registration
- NTN certificate or CNIC (acts as NTN for individuals)
- FBR IRIS login credentials
- CNIC of spouse and dependents (if applicable)
Income Records
- Salary slips or employer income certificate
- Business income statements or profit and loss account
- Rental income agreements and receipts
Tax Deduction Records
- Employer WHT certificate (Form-16)
- Bank profit WHT certificates
- Advance tax payment challans (CPRs)
Assets & Liabilities
- Property documents (ownership deeds, purchase price)
- Vehicle registration papers and values
- Bank account balances, investments, and cash in hand
Expenses & Liabilities
- Personal and household expense estimate
- Loan statements and outstanding liabilities
- Foreign assets or foreign income details (if applicable)
Are You Facing These Filing Problems?
Unaware a
Wealth Statement
is required
Many filers submit their income tax return but skip Form 116 — triggering an FBR auto-notice for incomplete filing.
Asset-income
mismatch in
wealth statement
If your assets grew more than your declared income, FBR flags the gap under Section 111 — requiring a documented source of funds.
Property or
vehicle not
declared
FBR cross-checks property and vehicle registrations — undeclared assets in your wealth statement trigger audit notices.
Foreign assets
not declared
correctly
Resident taxpayers must declare all global assets — incorrect or incomplete foreign asset disclosure invites serious scrutiny.
Incorrect
reconciliation
of net wealth
Wealth statement reconciliation must balance — income + opening assets = closing assets + expenses. Errors cause FBR notices.
Need to revise
a previously
filed statement
Wealth Statements can be revised before a Section 122(9) notice — but corrections must be handled carefully to avoid triggers.
Who Needs to File a Return & Wealth Statement in Pakistan?
Every resident taxpayer required to file an income tax return must also file a Wealth Statement under Section 116 of the Income Tax Ordinance, 2001.
⚠️ Consequences of Missing or Wrong Filing
- FBR auto-notice for missing or incomplete wealth statement
- Section 111 notice for unexplained asset-income mismatch
- Penalty for late or non-filing under Section 182
- Removal from ATL — higher withholding tax rates
- Audit trigger from undeclared property or vehicle
✅ Who Must File Both
- Salaried individuals with annual income above PKR 600,000
- Business owners and self-employed professionals
- Individuals owning property, vehicles, or investments
- Taxpayers with foreign assets or overseas income
- Companies, AOPs, and partnerships registered with FBR
- Anyone required to maintain ATL status in Pakistan
Why Choose TaxAccountant.pk
Instead of Filing Yourself
FEATURS
- Return + wealth statement filed together
- Income-asset reconciliation verified
- All assets & liabilities correctly declared
- Foreign assets properly disclosed
- FBR IRIS error-free submission
- ATL status confirmed post-filing
SELF FILING
Ours Services
Our Income Tax Return & Wealth Statement Services
Salaried Person
Return & Wealth Statement
Complete income tax return and Form 116 for salaried individuals — salary income, WHT certificates, assets, and personal expense reconciliation.
Business Owner
Return & Wealth Statement
Business income declaration with full wealth statement — assets, liabilities, capital reconciliation, and expense disclosure.
Foreign Assets
Wealth Statement
Specialist preparation for taxpayers with foreign assets, overseas bank accounts, or foreign-source income requiring global disclosure.
Multiple Properties
& Investments
Wealth statements for high-net-worth individuals with multiple properties, vehicles, shares, and complex investment portfolios.
Revised Wealth
Statement Filing
Correction and revision of previously filed wealth statements on IRIS — before receipt of a Section 122(9) notice.
Our 4-Step Return & Wealth Statement Filing Process
Free Consultation
We review your NTN status, income sources, asset profile, and filing history to identify the correct return type and wealth statement requirements.
Document Collection
Provide salary slips, WHT certificates, bank statements, property documents, vehicle details, and investment records via WhatsApp or email.
Return & Wealth Preparation
We prepare your income tax return and reconcile all assets, liabilities, and expenses in Form 116 — ensuring the figures balance and align correctly.
Filing & ATL Confirmation
We file both the return and wealth statement on FBR IRIS, send acknowledgment receipts, and confirm your ATL status within 24-48 hours.
Trusted for Return & Wealth Statement Filing Across Pakistan
What our Customers say?
Specifically Amazing in resolving Tax matters in fairly timely and transparent way
Stay blessed !
Profoundly grateful for your support and understanding
Meet Your Income Tax & Wealth Statement Experts
FBR-registered tax consultants preparing and filing your income tax return and wealth statement accurately and on time.
Umair A R Mughal
Senior Tax Consultant
ITP / AR / PRC / SE
FBR NTN: 5036687-8 | ICAP CRN: 166299
Specialization
Ali Ahmad
FBR Tax Associate
Associate Member
Specialization
Recent Client Success Stories
Senior Executive - Islamabad
Filed 3 years of pending returns with complete wealth statements — assets, investments, and property correctly declared, ATL restored, and Section 111 notice risk eliminated.
Property Owner - Lahore
Wealth statement prepared with 4 properties and 2 vehicles correctly valued and declared — reconciled with declared income, closing without any FBR mismatch notice.
Benefits of Professional Return & Wealth Statement Filing
Avoid Section 111
audit trigger
Professionally reconciled wealth statements eliminate asset-income mismatches that trigger Section 111 unexplained income notices.
Stay on Active
Taxpayer List
Filing both return and wealth statement on time keeps you on ATL — maintaining lower withholding tax rates across all transactions.
Complete &
accurate disclosure
All assets, liabilities, and personal expenses correctly declared and balanced — giving you a clean, defensible FBR profile.
Foreign assets
properly declared
Correct disclosure of foreign assets and overseas income — avoiding serious legal risk under anti-money laundering and tax laws.
Claim tax
refunds
Correct return filing enables you to claim refunds on excess WHT and advance tax — recovering overpaid amounts.
Build a strong
tax profile
Years of consistent, accurate returns and wealth statements build a credible FBR profile — reducing future audit risk.
Frequently Asked Questions - Income Tax Return & Wealth Statement Filing
What is a Wealth Statement and why is it required?
A Wealth Statement (Form 116) is a mandatory annual declaration under Section 116 of the Income Tax Ordinance, 2001. It shows your total assets, liabilities, and personal expenses — and reconciles the change in your net wealth with your declared income. FBR uses it to verify that your lifestyle and asset growth are consistent with your taxable income.
Who must file a Wealth Statement in Pakistan?
Every resident taxpayer required to file an income tax return must also file a Wealth Statement. This includes salaried individuals, business owners, property owners, investors, and anyone with an active NTN. Non-residents are not required to declare global wealth but must declare Pakistan-source income and assets.
What is the deadline for filing the return and wealth statement?
The deadline for both the income tax return and the Wealth Statement is 30 September each year. Missing the deadline results in removal from the Active Taxpayer List (ATL), PKR 1,000 per day late filing penalty, and the risk of FBR auto-notices for incomplete filing.
What information is included in a Wealth Statement?
The Wealth Statement includes all assets (property, vehicles, bank balances, investments, cash in hand, jewelry, and foreign assets), all liabilities and loans, personal and household expenses for the year, and a reconciliation showing how the change in net wealth aligns with declared income for the year.
What happens if my assets do not match my declared income?
A mismatch between declared income and asset growth triggers an FBR auto-notice and can escalate to a Section 111 unexplained income audit. FBR will ask you to document the source of funds for the gap. TaxAccountant.pk ensures your wealth statement reconciliation is correct before filing — preventing this risk.
How much does income tax return and wealth statement filing cost?
TaxAccountant.pk provides income tax return and wealth statement filing starting from PKR 5,000 for salaried individuals. Returns involving multiple income heads, properties, foreign assets, or complex investment portfolios are priced based on complexity. Contact us for a free assessment.
Do I need to declare foreign assets in my Wealth Statement?
Yes. Every resident taxpayer must declare all assets held outside Pakistan — foreign bank accounts, overseas properties, investments, and foreign-source income. Failure to disclose foreign assets can result in serious legal consequences under anti-money laundering regulations and FBR audit proceedings.
Can I revise my Wealth Statement after filing?
Yes. Under FBR IRIS rules, a Wealth Statement can be revised at any time before receipt of a notice under Section 122(9) of the Income Tax Ordinance — without needing prior approval. TaxAccountant.pk handles wealth statement revisions carefully to correct errors without triggering additional scrutiny.
What is the penalty for not filing a Wealth Statement?
Failure to file a Wealth Statement alongside the income tax return results in an incomplete filing status, FBR auto-notices, removal from ATL, and penalties under Section 182. Additionally, FBR cross-checks property and vehicle registrations — undeclared assets identified through third-party data lead to Section 111 notices.
Is income tax return and wealth statement filing available in Islamabad, Lahore, and Karachi?
Yes. TaxAccountant.pk provides income tax return and wealth statement filing services in Islamabad, Lahore, Karachi, Rawalpindi, Faisalabad, and all 13 major cities across Pakistan. All services available fully online — share documents via WhatsApp or email.
Disclaimer: Information on this page is for general guidance only and does not constitute professional tax advice. Consult a qualified FBR-registered tax practitioner for advice specific to your business situation. Tax laws and FBR regulations are subject to change.
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