Business
FBR clarifies changes in 2025 income tax return form – SUCH TV
The Federal Board of Revenue (FBR) has issued a clarification regarding changes made to the income tax return form 2025, just days before the deadline for filing returns.
The deadline for filing income tax returns remains September 30, the FBR said.
However, reports emerged that a new column had been added to the IRIS form, requiring taxpayers to disclose the market value of their assets. This development caused concern among taxpayers, especially as the filing deadline draws near.
In its clarification, the FBR stated that no new SRO has been issued in this regard. The additional column, it said, had been incorporated into the form on August 18.
The stated purpose of the new column is to determine the market value of assets, enabling the collection of authentic data for better policymaking.
The FBR stressed that the requirement to declare the market value of assets has no bearing on tax liability and would not be used to initiate proceedings against any taxpayer.
It stated that the inclusion of the market value of assets on page 66 of the return form had already been mandatory. However, many taxpayers were entering zero in the relevant field, which has now been restricted.
It clarified that declaring the market value of property remains entirely at the discretion of the taxpayer. It added that the purpose of the required details was neither tax calculations nor any notice would be issued for errors in this information.
The revenue authority stated that wealthy individuals were already submitting information regarding their assets under Section 7E, while other taxpayers are only expected to declare values close to actual market prices.
It emphasised that asset values declared will neither be used for tax calculation nor considered in the reconciliation of the wealth statement. Taxpayers who have already filed returns will not be asked to re-file.
MUMBAI: The Irdai on Friday, fined Reliance General Insurance Rs 1 crore in Hyderabad for routing unauthorised payouts through marketing and awareness expenses that amounted to disguised commissions. The penalty follows Irdai’s examination of transactions across FY19, FY20 and FY21. According to the regulator, the insurer channeled payments to brokers, agents, corporate agents and unlicensed entities under labels such as consumer awareness, marketing and advertising.
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ISLAMABAD:
Pakistan has registered 144 olive startups as part of a decade-long government initiative aimed at developing the olive sector.
Olive Promotional Programme National Project Director Dr Muhammad Tariq told Wealth Pakistan that the sector had recorded rapid growth over the past 10 years due to sustained government backing.
“Ten years ago, when the government started this programme, we had only one entrepreneur. Today, we have 144 startups and entrepreneurs. It is a very fast-growing sector,” he said.
Tariq noted that the government’s continued support had played a central role in transforming the olive sector into a viable agro-industry. The federal minister for national food security has also taken steps to strengthen the sector by pursuing Pakistan’s full membership at the International Olive Council. “Hopefully, there will be progress within three months,” he said.
A traveler near a departures board at Newark Liberty International Airport (EWR) in Newark, New Jersey, US, on Monday, Nov. 24, 2025.
Victor J. Blue | Bloomberg | Getty Images
Airlines canceled more than 1,200 U.S. flights on Friday ahead of a major winter storm that will put carriers to the test during one of the busiest travel periods of the year.
A winter storm warning is in effect starting Friday afternoon in New York City, New Jersey and Long Island, with snowfall totals potentially reaching 9 inches, most of it falling overnight, the National Weather Service said.
Over 350 flights, or more than a quarter of the day’s schedule, were canceled as of 1 p.m. Friday to and from New York’s John F. Kennedy International Airport, according to flight-tracking site FlightAware. More than 200 were also scrubbed at Newark Liberty International Airport in New Jersey, and more than 100 were canceled at Philadelphia International Airport.
American Airlines, Delta Air Lines, United Airlines, Southwest Airlines, JetBlue Airways and other carriers waived change fees for restrictive basic economy tickets and said they won’t charge a difference in fare for any other customers flying in and out of a host of airports in the Northeast U.S.
Customers must travel by the end of the year if they change their flights, the airlines said. Flying as early as possible is likely the best bet with few seats available during the busy Christmas week.
Airlines for America, the industry lobbying group, expects carriers to fly a record 52.6 million people between Dec. 19 and Jan. 5, with this Friday and Sunday among the busiest days.
Airlines generally cancel flights ahead of time for major weather events in the forecast, like blizzards or hurricanes, to avoid planes, connecting travelers and crews from getting stranded and worsening disruptions.
Irdai fines Reliance General Insurance over ‘commission’ – The Times of India
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