A wealth statement tells FBR what you own and owe at the end of the tax year — property, vehicles, cash and bank balances, investments, jewellery, loans, and other liabilities. Many individual filers must prepare or update wealth figures alongside their income tax return so declared income matches the change in net assets.
Gaps between income and wealth growth are a frequent reason for FBR queries. Getting the statement right protects ATL benefits and reduces audit risk.
What usually goes on a wealth statement
List immovable property (with cost or declared value as required), vehicles, bank and cash balances, shares and mutual funds, receivables, and business capital. On the liability side include bank loans, credit cards, and other borrowings. Keep purchase deeds, bank statements, and loan schedules ready — consultants reconcile these against salary, business profit, and other income.
Common mistakes
Omitting a second bank account, using outdated property values inconsistently, ignoring spouse or dependent assets where rules require disclosure, and forgetting advance tax already paid. DIY filers often under-document cash withdrawals and remittances.
Aasaan Tax walks salaried and individual clients through wealth reconciliation in the guided filing flow, then FCA-reviews figures before IRIS submission.