Karachi, November 29, 2025 – The Karachi Tax Bar Association (KTBA) has called on the Federal Board of Revenue (FBR) to enable taxpayers to revise their wealth statements on the online IRIS portal, highlighting a critical procedural gap affecting compliance.
In a letter addressed to FBR Chairman Rashid Mahmood Langrial, KTBA emphasized the legal and practical importance of allowing alterations to wealth statements under Section 116(3) of the Income Tax Ordinance, 2001.
KTBA President Ali A. Rahim noted that Section 116(3) permits a taxpayer to submit a revised wealth statement to correct any omission or misstatement before the issuance of a notice under Section 122(9). He stated that while the IRIS system currently supports this provision, complications arise in situations where proceedings under Section 122 have been initiated but later concluded without amendment, or when the notice is withdrawn by the tax authority.
In such cases, despite no notice under Section 122(9) being active, the IRIS system continues to restrict taxpayers from filing revised statements. Rahim stressed that this limitation contradicts the law, which does not bar revisions once proceedings end without an amendment order or when a notice is withdrawn.
KTBA believes that treating such instances as “closed proceedings” aligns with legislative intent and would facilitate genuine corrections by taxpayers. Enabling revisions in these circumstances, the association said, would support transparency, improve voluntary compliance, and remove unnecessary procedural hurdles.
The association has urged the FBR to promptly adjust the IRIS system to allow revised wealth statements in all cases where no operative notice under Section 122(9) exists, including withdrawn notices and concluded proceedings without amendment.