What a wealth statement is
A wealth statement is a declaration of what you own and what you owe at the close of the tax year, together with an explanation of how your position changed since the previous year. It sits alongside your income tax return rather than replacing it.
What goes into it
- Assets. Property, vehicles, bank balances, cash in hand, investments, business capital, receivables and personal effects of value.
- Liabilities. Loans, financing, credit balances and other amounts you owe.
- Movement during the year. Assets acquired or disposed of during the tax year.
- Personal expenses. Household and personal expenditure for the year.
The part that causes problems: reconciliation
Your wealth statement has to make sense against your declared income. In simple terms, the increase in your net assets plus what you spent during the year should be explainable by the income and receipts you declared.
When those numbers do not reconcile, it usually means something has been left out rather than anything improper: a gift, an inheritance, a loan from family, sale proceeds, agricultural income, or foreign remittances that were never recorded. Our review is designed to find those gaps and get them properly declared before submission, not after a query arrives.
This is the most common reason people ask us for a review. A return filed with an unreconciled wealth statement can create questions later. It is considerably easier to get it right the first time than to explain it afterwards.
Previously filed but never reconciled?
If you have filed returns for years without paying attention to the wealth statement, that position tends to compound. We can review what has already been submitted and tell you where you stand. Return review starts from PKR 2,500.
Please verify current figures. Tax rates, thresholds, penalties and due dates are set by the Federal Board of Revenue and change with each Finance Act. Always confirm the current position for your tax year on the official FBR website or with us before acting.