Karachi, July 10, 2025 \u2013 Planning to file your income tax return for Tax Year 2025? Get ready \u2013 because this time, having a bank account is no longer optional. The Federal Board of Revenue (FBR) has made it mandatory for salaried individuals to declare their bank accounts while filing their income tax return.<\/p>\n
In a newly issued draft of the simplified income tax return form, released through SRO 1213(I)\/2025 on July 7, the FBR has introduced several key changes aimed at tightening documentation. But for many taxpayers, especially salaried individuals, the term \u201csimplified\u201d may feel a bit misleading.<\/span><\/p>\n According to the FBR:\u201cThe bank account(s) belong to you and will be added to your personal assets. Please provide the closing balance for your bank accounts as of June 30, 2025.\u201d<\/p>\n This statement makes it clear \u2013 the FBR has already collected partial bank account information of taxpayers, and you are now required to confirm, complete, and re-enter details of each account when filing your return.<\/p>\n Yes, even dormant bank accounts must be reported. If you have switched jobs or banks in the past year, brace yourself. Many private sector employees end up opening multiple accounts over time, and now each one must be accounted for during the return filing process.<\/p>\n Worried about how this impacts your tax filing? Here\u2019s what you must do:<\/span><\/p>\n \u2022 Provide 24-digit IBANs for all your accounts.<\/p>\n \u2022 Enter the closing balance for each account as of June 30, 2025.<\/p>\n \u2022 Re-verify the bank details displayed by FBR, as your return cannot proceed without this step.<\/p>\n If you\u2019re thinking of skipping any step, think again. Failure to enter bank account details means your return filing will remain incomplete \u2014 and that could lead to penalties or your return being invalidated.<\/p>\n While FBR\u2019s intent appears to be stronger enforcement and better tracking of high-value salaried individuals, many believe this approach adds unnecessary complexity for middle-income earners just crossing the Rs600,000 taxable threshold.<\/p>\n As return filing season picks up pace, salaried taxpayers must act early. Don\u2019t wait until the last minute \u2014 review your accounts, gather the required data, and get your return filing done smoothly. After all, 2025 return filing isn\u2019t just about income \u2014 it\u2019s about full financial disclosure.<\/p>\n","protected":false},"excerpt":{"rendered":" Karachi, July 10, 2025 \u2013 Planning to file your income tax return for Tax Year 2025? Get ready \u2013 because this time, having a bank account is no longer optional. The Federal Board of Revenue (FBR) has made it mandatory for salaried individuals to declare their bank accounts while filing their income tax return. In …<\/p>\n","protected":false},"author":1,"featured_media":1305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17,51],"tags":[184,60,185],"class_list":["post-1304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tie-business","category-business","tag-bank-account","tag-fbr","tag-tax-return"],"yoast_head":"\n