Karachi, July 9, 2025 – Planning to file your income tax return for Tax Year 2025? Get ready – 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 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 “simplified” may feel a bit misleading.
So, what’s changing?
According to the FBR:
“The following 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.”
WATCH EXCLUSIVE VIDEO ON BANK ACCOUNT REQUIRMENT FOR RETURN FILING
This statement makes it clear – 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.
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.
Worried about how this impacts your tax filing? Here’s what you must do:
• Provide 24-digit IBANs for all your accounts.
• Enter the closing balance for each account as of June 30, 2025.
• Re-verify the bank details displayed by FBR, as your return cannot proceed without this step.
If you’re thinking of skipping any step, think again. Failure to enter bank account details means your return filing will remain incomplete — and that could lead to penalties or your return being invalidated.
While FBR’s 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.
As return filing season picks up pace, salaried taxpayers must act early. Don’t wait until the last minute — review your accounts, gather the required data, and get your return filing done smoothly. After all, 2025 return filing isn’t just about income — it’s about full financial disclosure.