The Federal Board of Revenue (FBR) has officially removed the Fair Market Value (FMV) column from the 2025 Income Tax Return Form. The move comes as part of efforts to simplify tax filing and reduce unnecessary stress for taxpayers.
Why Was the FMV Column Added?
When the 2025 tax return form was introduced, it included a new column asking taxpayers to declare the estimated market value of their assets such as property, vehicles, and land.
The idea behind this step was to collect data on asset values for record purposes, not to impose additional taxes. However, the requirement created confusion, as many taxpayers feared it might lead to scrutiny or future assessments.
Why Was It Removed?
After strong concerns from taxpayers and legal experts, the government decided to remove the FMV column. The decision ensures that tax returns focus only on declared income and sources rather than estimated asset values.
Now, you only need to file your income details and pay taxes accordingly — without having to guess or declare market values.
What Does This Mean for Taxpayers?
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Simplified Filing: No need to estimate or declare market values of assets in tax returns.
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Clarity on Tax Liability: Your taxes remain based on your income, not asset valuations.
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No Need to Refile: If you already submitted returns with FMV details, those entries will simply be ignored.
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Encouragement to File on Time: With the column gone, filing has become easier and more straightforward.
Key Deadline
The deadline for filing income tax returns is October 30, 2025. All taxpayers are urged to file on time to avoid penalties, as strict enforcement will begin after the due date.
