Last updated: October 2026
The most common mistake we see is simple. People type in a made-up "cash in hand" or "gift" figure until IRIS shows zero, then press submit. If you're searching wealth statement Pakistan how to fill, start somewhere else: collect your real 30 June balances first, bring forward last year's closing figures, and let the numbers balance on their own. A wealth statement built that way holds up if FBR ever asks questions.
This article is prepared by the tax and corporate team at My Law Associates, led by Mr. Faisal Mehmood, FPA, who has 17 years of experience in audit, income tax and sales tax work. We've been filing returns from Lahore since 2010.
Quick answer: To fill a wealth statement in Pakistan, log in to IRIS (iris.fbr.gov.pk) and choose Tax Year 2026. Then list everything you owned and owed on 30 June 2026. Add all money that came in, such as salary, gifts and loans, and estimate your yearly household expenses. Adjust real figures until the "unreconciled amount" is zero, then submit.
Key takeaways
- Value assets and liabilities as on 30 June 2026.
- Your opening wealth must match last year's closing wealth statement.
- IRIS needs the unreconciled amount to be zero before it accepts the return.
- Never invent figures to balance. Find the real missing item instead.
- Tax Year 2026 asks for IBANs of all your bank accounts.
What is a wealth statement in Pakistan?
A wealth statement is a list of everything you own and everything you owe on 30 June of the tax year. You file it with your income tax return under Section 116 of the Income Tax Ordinance, 2001.
Owned items are called assets. That means property, cars, bank balances, cash, jewelry and investments. Owed items are called liabilities, such as bank loans, credit card balances and money borrowed from family.
Wealth statement vs wealth reconciliation vs income tax return
These three get mixed up all the time, even on some well-known tax websites. They are linked but different:
| Document | What it shows | Simple meaning |
|---|---|---|
| Income tax return (Section 114) | Your income and tax for the year | "What did I earn and what tax did I pay?" |
| Wealth statement (Section 116) | Assets and liabilities on 30 June | "What do I own and owe today?" |
| Wealth reconciliation | How your wealth changed during the year | "Does my change in wealth match what I earned minus what I spent?" |
Salaried persons also see a short declaration form, 114(I), inside IRIS. It has to be completed before the return can be submitted.
Is a wealth statement compulsory for salaried persons?
Yes. As per the latest FBR guidance, resident individuals who file a return need a wealth statement, and that includes salaried people. A salary-only return can be quick, but the wealth statement still has to balance.
For individuals, your CNIC works as your NTN (National Tax Number). Filing your return gets you onto FBR's Active Taxpayer List (ATL), the list of filers.
What is the Tax Year 2026 deadline?
Tax Year 2026 covers income from 1 July 2025 to 30 June 2026. FBR first moved the deadline from September 30 to October 15. It then extended it again to October 31, 2026, under Section 214A, as reported in FBR's Oct 31, 2026 extension (Circular 04 of 2026-27).
Today, October 31, 2026, is that last extended date. We found no further extension, so check the latest FBR notice. If you've missed the date, talk to our tax team about your options rather than guessing.
Wealth statement Pakistan: how to fill it on IRIS in 10 steps
Collect your figures, enter assets, liabilities, inflows and expenses, then reconcile to zero. Here's the order we follow for our own clients, because it saves the most back-and-forth.
1. Collect your 30 June 2026 balances first
Write down every bank balance, cash amount and loan balance as on 30 June 2026. The wealth statement is a snapshot of that one date, not today.
Example: Your account showed Rs. 450,000 on 30 June but Rs. 90,000 today. You enter Rs. 450,000.
2. Pull out last year's closing wealth statement
Last year's closing net wealth becomes this year's opening net wealth. Net wealth means what you owned minus what you owed. If the two don't match, reconciliation breaks.
Example: Tax Year 2025 closed at Rs. 3,000,000. Your Tax Year 2026 opening figure must also be Rs. 3,000,000.
3. Log in and pick Tax Year 2026
Log in to IRIS at iris.fbr.gov.pk with your CNIC and password. Go to Declaration and open the return and wealth statement (114/116) for Tax Year 2026.
Picking the wrong year is a very common error. It pulls the wrong opening figures and nothing adds up.
4. Fill the income side first
Enter your salary from your salary certificate, plus any other income. Then check the tax already deducted from you, which appears as withholding tax.
Withholding tax is tax that an employer, bank or phone company took before paying you. Doing income first means IRIS already knows your main inflow before you reach the wealth part.
5. Enter your assets inside Pakistan
List property, vehicles, bank accounts, cash, jewelry and investments as on 30 June 2026. For property and vehicles, use the cost you paid, not today's market value, unless FBR's form asks otherwise.
For Tax Year 2026, tax practitioners report that IRIS asks for the IBAN of each bank account. IBAN is the long account number printed on your bank statement. The form also asks for updated property details.
Example: A car bought in March 2026 for Rs. 2,400,000 goes in at Rs. 2,400,000.
6. Enter your liabilities
Add bank loans, car financing, credit card balances and personal loans from relatives, all as on 30 June. Liabilities reduce your net wealth.
Example: Your brother lent you Rs. 300,000 for a car down payment and you still owe it. List it with his name and CNIC if the form asks.
7. Record inflows that aren't income
Gifts, loans received, money from the sale of an asset and family remittances from abroad all count as inflows. They explain where money came from even though they're not taxable salary.
Example: Your father transferred Rs. 200,000 as a gift through the bank. It goes in as a gift, and the bank record is your proof.
8. Estimate personal expenses honestly
Personal expenses mean your yearly household spending: rent, food, school fees, utilities, fuel, travel and medical bills. Many people leave this low or blank, and the statement won't balance.
A realistic expense figure also matters if FBR compares it with your lifestyle. Use your bank statements and utility bills as a guide.
9. Reconcile until the unreconciled amount is zero
Click the calculate or reconcile option. IRIS shows the "unreconciled amount", which is the gap left when the numbers don't match. It must be zero before IRIS accepts the return.
If it isn't zero, go back and find the real missing item. The table further down lists the usual causes.
10. Submit, check Completed Tasks and save copies
Submit the return and the wealth statement together. Then check that both have moved from Draft to Completed Tasks in IRIS. Filing isn't final while they sit in Draft.
Download the acknowledgement and a PDF of the wealth statement. Next year, that closing figure is your opening figure.
Which steps take the most time?
The preparation steps take the longest, not the typing. Here's how the ten steps group together:
| Stage | Steps | Effort | Most common error |
|---|---|---|---|
| Preparation | 1, 2 | High | Using today's balance, or opening wealth that doesn't match last year |
| Setup and income | 3, 4 | Low | Wrong tax year selected |
| Wealth entries | 5, 6, 7 | Medium | Forgotten bank account or unrecorded gift |
| Balancing | 8, 9 | Medium to high | Expenses left too low |
| Finishing | 10 | Low | Leaving the return in Draft |
What documents are needed for the wealth statement and income tax return?
You need your CNIC, IRIS login, last year's wealth statement, 30 June bank balances with IBANs, and proof of income and tax deducted. Extra papers depend on how you earn.
Core income tax return documents for Tax Year 2026
- CNIC and IRIS password (plus access to your registered mobile and email for codes)
- Last year's wealth statement
- Bank statements for July 2025 to June 2026, with each account's IBAN
- Withholding tax certificates from banks and other deductions
- Property papers: registry, transfer letter or allotment letter
- Vehicle registration book and purchase or sale papers
- Loan statements and any written agreement for family loans
- Proof of gifts or remittances, such as bank transfer records
Documents for income tax return: salaried vs other filers
Choose your row. It tells you what to add on top of the core list.
| Your situation | Extra in the wealth statement | Extra documents |
|---|---|---|
| Salary only | Usually just bank, cash, vehicle, any property | Salary certificate showing gross pay and tax deducted |
| Salary + rent | The rented property as an asset, rent as an inflow | Rent agreement and rent receipts |
| Freelancer | Foreign payments received as inflows, business bank accounts | Payoneer or bank remittance records, invoices |
| Business owner | Business capital as an asset | Business accounts, sales and purchase records |
| Overseas income or assets | Possibly a separate foreign assets statement | Foreign bank statements, foreign property papers |
What is new for Tax Year 2026?
The Tax Year 2026 return form was notified through SRO 1495(I)/2026 on September 2, 2026, as reported by Profit by Pakistan Today. The same report says trade chambers named the new forms, extra disclosures, wealth reconciliation and IRIS technical issues as problems in filing.
Tax practitioners report three additions: IBANs for every bank account, updated details of immovable property, and the reason for any capital gains exemption you claim. A capital gains exemption is a rule that may make profit on selling an asset tax-free. Our advice is plain: start early and gather the IBANs before you log in.
What is wealth reconciliation in FBR?
Wealth reconciliation is FBR's check that your change in wealth matches what came in minus what you spent. It's the part that produces the "unreconciled amount".
The wealth reconciliation statement formula in plain words
Opening net wealth + money that came in = closing net wealth + personal expenses
What you had at the start, plus what you received, must equal what you have at the end plus what you spent. Money can't appear or disappear without a reason.
Illustrative example in Rs.
These are made-up figures to show how the formula works. They are not real client data.
- Opening net wealth on 1 July 2025: Rs. 2,000,000 (bank Rs. 1,900,000 + cash Rs. 100,000)
- Salary received after tax: Rs. 1,800,000
- Gift from father through bank: Rs. 200,000
- Personal expenses for the year: Rs. 1,100,000
- Closing net wealth on 30 June 2026: Rs. 2,900,000 (bank Rs. 400,000 + cash Rs. 100,000 + car Rs. 2,400,000)
Left side: 2,000,000 + 1,800,000 + 200,000 = Rs. 4,000,000. Right side: 2,900,000 + 1,100,000 = Rs. 4,000,000. The unreconciled amount is zero.
Now say you forgot the gift. The left side drops to Rs. 3,800,000, and IRIS shows an unreconciled amount of Rs. 200,000. The fix is to add the real gift, not to cut the car's value.
Why is my wealth statement not reconciling?
Usually because one real item is missing or wrong: expenses, opening wealth, a gift, a loan or a bank account. Find it and the gap closes.
Unreconciled difference: cause, sign and fix
| Cause | Sign you'll see | Fix |
|---|---|---|
| Expenses too low | Left side bigger than right side | Rebuild yearly spending from bank statements and bills |
| Wrong opening wealth | Gap appears even with correct current figures | Match opening to last year's closing statement |
| Wrong tax year | Opening figures look strange or empty | Restart in Tax Year 2026 |
| Gift or loan not recorded | Right side bigger than left side | Add the real gift or loan as an inflow, with proof |
| Asset bought mid-year | Big jump in assets with no source | Show where the money came from: savings, loan or sale |
| Forgotten bank account | Small gap you can't trace | Check every account, including old or dormant ones |
Never invent a gift or cash figure
We'll say it plainly. Typing a fake gift, loan or cash balance to reach zero is a compliance risk. FBR receives data from banks, vehicle registration and property records, so mismatches can show up later.
A better habit: for every big asset, such as a plot or car, note where the money came from. If you can't explain a gap honestly, let our filer team review your figures before you submit.
Do I need to declare foreign assets?
Possibly. Residents with foreign income or foreign assets above set limits may need to file an extra foreign assets statement under Section 116A.
The limits are set by FBR and can change, so check them as per the latest FBR rules before deciding. Overseas Pakistanis and freelancers with foreign accounts should ask us to check their case. Being a non-resident can change the answer.
Common wealth statement mistakes (and how to avoid them)
Most mistakes come from rushing on deadline day. A short checklist prevents almost all of them.
- Wrong tax year: always confirm Tax Year 2026 at the top of the form.
- Forgotten accounts and assets: include every bank account, prize bonds, jewelry and vehicles in your name.
- Family assets: assets in the name of a spouse or children who don't file their own return are often shown in your statement. Ask us how this applies to your family.
- Wrong opening wealth: keep a copy of every year's closing statement.
- Privacy and password safety: keep your CNIC, IRIS password, PIN and codes private. Share them only with a firm you trust, and change your password after filing.
We follow a privacy-first approach and only use your login for the filing you asked for. Keep bank statements and salary certificates for several years in case FBR sends a notice.
How to choose: file it yourself or get help?
If you have salary only, one or two bank accounts and no big purchases, filing yourself is realistic. If you bought property, received gifts, have rent, freelance or foreign income, or can't make it reconcile, get help.
Our view after years of filing: the wealth statement itself isn't hard. Fixing a wrong one later is harder, especially once an FBR notice arrives.
Can My Law Associates file my wealth statement?
Yes. Our Become a Filer service covers income tax returns and wealth statements for salaried individuals, sole proprietors, partnership firms/AOPs, private limited companies and trusts/NGOs.
Our team includes Chartered and Fellow Public Accountants, Cost and Management Accountants and law graduates. We work with more than 130 client organizations across energy, IT, trading, manufacturing, construction, travel and transport.
Before we submit, we check your opening wealth against last year, match 30 June balances and IBANs, review expenses for realism, and trace the source of funds for any big asset. You can see our filer and income tax return services or our full list of services, including NTN registration and replies to FBR notices.
Frequently Asked Questions
What is a wealth statement in Pakistan?
It's a list of what you own and owe on 30 June, filed with your income tax return under Section 116. It also shows how your wealth changed during the year.
Is a wealth statement compulsory for salaried persons?
Yes, as per the latest FBR guidance, resident salaried filers need one. It's usually short, but it still has to reconcile to zero.
What date is used to value assets in the wealth statement?
Use 30 June of the tax year, which is 30 June 2026 for Tax Year 2026. Property and vehicles are normally shown at the cost you paid.
Do I declare gifts, loans and family remittances?
Yes, declare them as inflows. Keep bank records or written agreements as proof, because cash gifts with no trail are hard to support.
Why is my wealth statement not reconciling?
Something real is missing or wrong. Common causes are low expenses, wrong opening wealth, the wrong tax year, an unrecorded gift or a forgotten bank account.
Do I need last year's wealth statement?
Yes. Its closing net wealth is your opening net wealth this year, and a mismatch breaks reconciliation.
Can I revise a wealth statement after submitting it?
Revisions are possible under FBR rules, but conditions apply. Talk to a tax professional before revising, so the change is explained properly.
Get your wealth statement filed correctly
Start with real 30 June figures and last year's closing wealth, and you're most of the way there. If the numbers won't balance or your case has property, gifts or foreign income, let professionals handle it.
Need help with this? Book a free consultation with My Law Associates. Call or WhatsApp 0334-4007652, or call 042-35786746. You can email faisalfpa@gmail.com or visit our office at Eden Heights, Jail Road, Lahore. Our team will review your case and handle the complete process for you. You can also request a call back or a free quote.
This article is for general information. Every case is different; please consult our team before acting.
