On this page we shall explain FBR wealth statement (Problems & Solutions).
Wealth statement is the most important part while submitting your income tax return.
You should be extra careful while filling in the entries in the well statement.
On this page you shall be provided with best possible information with problems and solutions and videos and you can also read the crux of the content of this page in Urdu language.
So lets start.
Well statement is the statement in which you show your assets, liabilities and expenditure.
As mentioned earlier it is the most crucial part of income tax return therefore you have to be extra careful about entries that you make here.
The wealth statement in FBR has three major steps.
When you login to your IRIS website as a first step you have to mention your income that may be your salary, agriculture income, business, foreign remittances, pension etc.
Once you have done all the entries of your income and seen your normal tax after putting tax rebate if you are eligible for that now there is a time to go for the well statement.
Once you click on the wealth statement in the drop down menu you see 3 steps.
The first is regarding your expenses.
The second step is about the assets and liabilities, whereas in the third step there is reconciliation of the net assets.
Now let me explain one by one.
In personal expenses you have to mention all the expenses that you had in that financial year.
The heads are provided and you will have to make entries against each head if it is applicable to you.
For example, if you live in rented house you have to mention yearly rent that you have paid similarly there are utility bills, education expenses, medical, vehicle etc.
In case you have paid some other expenses not mentioned in the list mention it in “Other Personal / Household Expenses”.
Click on that option and give the details of your assets and as well as liabilities.
Remember do mention all the assets that you have and as a liability those liabilities must be mentioned that have proper documents like; advanced salaries, debts etc.
The form is self explanatory for example; agricultural property, commercial industrial residential property, business capital, equipment, animal motor vehicle, precious possession, household effects, cash etc.
Now here few things need to be explained.
Household affects means your furniture, carpet, TV, AC, equipments
and all those things that belong to your house.
You have to mention the value of these things in which you have purchased.
In case of commercial, industrial, residential property, motor vehicle, precious possessions etc you will see the plus sign against them in the same row.
Just click on that plus sign and give the details as required.
In this connection one thing is very important that you have to mention the purchased value, not the current value.
Therefore that amount shell remain the same unless that property is sold out.
For example, if you purchased a plot worth Rs. 5,000,000 that amount shall remain the same in the subsequent income tax returns unless that property is sold.
Same shall be the case with precious possessions and motor vehicles etc.
Click on that option.
And here you will have to reconcile your inflows and outflows which is explain under the next heading.
Reconciliation of the net assets in wealth statement is very important.
Reconciliation means you have to make balance between your outflows and inflows.
Inflows means your earnings where as outflows means your expenses, and the residue amount is considered as your asset.
In simple words reconciliation of net asset means that we will have to make balance between our earning and expenditure.
Make sure that you have mentioned the residue amount that is leftover from your expenses as your asset.
While mentioning acids and liabilities people generally forget that their earning that is not spent during the financial year is also considered as their asset so they must be mindful that the residue amount has been mention in assets section as cash or any movable or immovable property.
In case of cash it must be in a bank properly mentioned in assets section along with your account number.
People generally show cash at hand where as it is not a proper way because cash at hand does not have any record or documentation.
So to be on a safe side make sure that the residue amount in the form of cash must be mentioned as a bank balance.
Similarly if you are showing property bought from that residue amount
that property must have proper documentation.
In reconciliation of net assets you have to mention your earning again in the relevant column like; "Income declared as per return for the year subject to normal tax", Foreign remittances, inheritance gift gain or deposit etc.
Make sure no earned amount shall go unmentioned.
It must either be mentioned as a cash in your bank or asset (movable or immovable) as said earlier.
Once you do that you shall see that unreconciled amount shall be zero.
Otherwise you will see certain amount that is not reconcile.
In case of any unreconciled amount you cannot submit your income tax return.
So make sure it must be zero and you have mentioned everything.
Once you have verified and submitted income tax return you can download your declaration.
Previously wealth statement and declaration were separate documents to be downloaded where as now if you download your income tax return that declaration carries the wealth statement as well.
For that purpose you have to click on print button and download your declaration.
In case you have not downloaded your declaration at the time of income tax return submission you can do it anytime later.
Just login to your IRIS website and click on "Declaration".
Your all the previous declarations shall be shown.
Just click on any of them that you want to download and then click on "view" button.
Your declaration shall open and now you can click on "print" button in order to download it and get it printed for your record.
The downloaded declaration shall be in PDF format you can save it in a soft form and get it printed.
All the decorations that you have submitted in IRIS are saved in that portal.
If you want to view them you have to login and then go to “Declaration” option.
It shall open the record of your entire declarations.
You can click on any of them and click “view” button in order to open the declaration of that year.
All those people whose income becomes taxable have to file income tax return and they have to file wealth statement also.
In order to check your FBR wealth statement you have to login to your IRIS account, go to declarations and select the declaration that you want to download.
Once you have selected click on "view" button in order to see that.
You can also click on "print" button in order to download it in PDF format.
If you receive any notice from FBR it is automatically shown when you login to IRIS.
Click on that notice and respond to it as required in the notice.
If you want to check whether or not you are filer you have to go to e.fbr.gov.pk/esbn/Verification.
Now click on "Active taxpayer list (income tax).
Give your CNIC as a parameter type and CNIC number as a "registration No."
Then give date and capture and click on "verify" button.
On this page we have covered all the possible problems while understanding and making entries in your wealth statement.
We have explained different stages of wealth statement, how to reconcile it, how to check and download it and much more.
Below you are provided with the nutshell information of entire article in Urdu language for those who cannot read and understand English.
Hope you shall appreciate our efforts.
ویلتھ سٹیٹمنٹ انکم ٹیکس رٹرن کا ایک انتہائی اہم حصہ
ہے اور اس میں اندراج کرتے وقت آپ کو بہت احتا ط برتنی چاہے ۔ ویلتھ
سٹیٹمنٹ میں آپ اپنی تمام تر جائیداد ، اخراجات اور قرض وغیرہ کا اندراج
کرتے ہیں۔ اس کے تنن حصے ہیں سب سے پہلے حصے میں آپ اپنے اخراجات درج
کرتے ہیں۔ دوسرے حصے میں اپنی منقولہ اور غیر منقولہ جائیداد کی تفصیل
دی جاتی ہے جبکہ تیسرے حصے میں اپنی تمام تر آمدنی ، اخراجات اور جائیداد
میں ایک توازن برقرار پیدا کیا جاتا ہے۔ تاکہ آمدنی ، اخراجات اور جائیداد
کا کوئی ایسا پہلو نہ رہ جائے جو کہ آپ نے درج نہ کیا ہو۔
ویلتھ سٹیٹمنٹ کے سب سے پہلے حصے میں آپ اپنے اخراجات کی تفصل درج کرتے ہیں۔ پرسنل ایکسپنسز میں جاکر آپ فارم میں دی گئی تفصیل کے مطابق اپنے اخراجات درج کریں۔
اس کے بعد آپ ایسٹس اور لائیبلیٹیز میں جاکر اپنی جائیداد
کی تمام تفصل لکھیں گے۔ یاد رکھیں آپ جائیداد خریدتے وقت کی ویلیو درج
کریں گے۔ اس فارم میں گھر، زمین، پلاٹ، ز یور وغیرہ تمام چیزوں کی تفصلات
دینا لازمی ہے۔
ایک مرتبہ تمام تفصیلات دینے کے بعد آپ ریکنسلییشن آف نیٹ ایسٹس پر کلک کریں گے اور اپنی آمدنی درج کرنے کے بعد اس بات کو ممکن بنائیں گے کہ آپ کی آمدن ،اخراجات اور جائیداد میں ایک توازن برقرار رہے ورنہ آپ ریٹرن سبمٹ نہیں کر سکیں گے۔ ریکنسلییشن کا مطلب ہی یہی ہے کہ کوئی آمدن، اخراجات، اور ایسٹ درج ہونے سے رہ نہ جائے اور آپ کے ایسٹ آپ کی آمدن سے زاہد نہ ہوں۔
ایک مرتبہ تمام رٹرن فِل کرنے کے بعد آپ اس کو پی ڈی ایف میں ڈاون لوڈ کر کہ پرنٹ بھی کر سکتے ہیں اور اپنی جمع شُدہ ویلتھ سٹیٹمنٹ کو کسی وقت بھی دوبارہ چیک کر سکتے ہیں۔
ان تمام چیزوں کی تفصیلی معلومات کیلئے آپ اس پیج پر دی گئی ویڈیوز بھی دیکھیں