Income Tax
Wealth Statement Preparation & Reconciliation
A wealth statement is a statement of an individual's assets and liabilities, such as property, vehicles, bank balances, investments, gold and loans, filed with the FBR along with the income tax return. It must reconcile with your declared income and personal expenses, so increases in wealth are explained. Tax Services PK prepares and reconciles wealth statements to avoid FBR queries.
Who needs it
Who is this service for?
- Every individual filing an income tax return
- People buying or selling property or vehicles
- Anyone who received a gift, inheritance or foreign remittance
- Taxpayers who received an FBR notice about unexplained assets
Our process
How it works
List assets
We record all assets and liabilities as at 30 June.
Compare years
We compare with your previous wealth statement.
Reconcile
We explain the change in wealth through income, gifts, loans and expenses.
File
We file the statement with your return on IRIS.
Checklist
Documents required
- Previous year's wealth statement
- Property and vehicle documents
- Bank balances as at 30 June
- Loan, gift or inheritance documents
What we handle
What's included
- Wealth statement preparation
- Wealth reconciliation
- Revision of previous statements
- Replies to notices on unexplained assets
FAQs
Wealth Statement Preparation: frequently asked questions
Is a wealth statement compulsory?
Individuals filing an income tax return are generally required to file a wealth statement with it, showing their assets and liabilities at the end of the tax year.
What happens if my wealth increases more than my income?
The FBR may ask you to explain the source. Gifts, inheritance, loans and remittances must be documented and shown properly in the reconciliation.
Can I revise a wrong wealth statement?
Yes, a wealth statement can be revised under the law, subject to conditions. We review it and file the revision with supporting explanations.
Need help with wealth statement preparation?
Talk to a tax consultant with 30+ years of experience. Call or WhatsApp us today.