Wealth Statement Preparation

Accurate wealth statements and wealth reconciliation that match your declared income and protect you from FBR queries.

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Overview

Declare Your Assets the Right Way

The wealth statement is a declaration of everything an individual owns and owes at the end of the tax year: property, vehicles, bank balances, investments, cash, jewellery, loans and other liabilities. It is filed with your income tax return on IRIS, and FBR compares it with your income every year.

If your wealth grows faster than your declared income can explain, FBR may issue a notice asking for the source of the difference. Our consultants prepare your statement carefully, reconcile the increase or decrease in wealth with your income, expenses and gifts or inheritance, and keep supporting records ready.

What We Do

Wealth Statement Services

We make sure your statement is complete, consistent with earlier years and supported by documents.

Financial reports and charts on an office desk
Who Needs This

When Do You Need a Wealth Statement?

Individuals filing an income tax return generally have to submit a wealth statement with it.

Salaried Individuals

Employees filing annual returns who own bank balances, vehicles or property.

Business Owners

Sole proprietors whose business capital and personal assets must both be declared.

Property Buyers and Sellers

Anyone who bought, sold or inherited property during the year.

Calculator and laptop used for income tax return preparation
Documents Required

Information We Need

Share whatever records you have, and we will tell you if anything else is required.

How It Works

Four clear steps from your first message to completed work, with updates at every stage.

01

Review Last Year

We start from your previous statement so this year’s figures follow on correctly.

02

Gather Asset Details

You share property, vehicle, bank and investment details through a simple checklist.

03

Reconcile Your Wealth

We explain any change in wealth through income, expenses, gifts or other sources.

04

File With Your Return

The statement is filed on IRIS with your income tax return, and you get a copy.

Good to Know

Common Wealth Statement Mistakes

Leaving out assets held jointly or by family

Assets bought in your name, including those used by family members, must be declared. Omissions are easily picked up from property and vehicle records.

Not recording personal expenses

Your household expenses are part of the reconciliation. Declaring very low expenses compared with your lifestyle can raise questions.

Changing values from year to year

Assets are generally declared at cost. Changing the value of the same property every year creates inconsistencies that FBR’s system can flag.

FAQs

Questions About Wealth Statement Preparation

Answers to the questions clients ask us most about this service.

Yes. A revised wealth statement can be filed in many cases, but it should be done carefully and with reasons. We review your situation before revising.

Assets are normally declared at their cost of acquisition. We advise you on the correct value based on your documents.

Assets held in your name must be declared in your statement. Assets of a spouse or children who have their own income are declared in their own returns, while dependants’ assets may need to be shown in yours.

Gifts can explain an increase in wealth if they are genuine and supported by evidence, such as bank transfers and a gift deed. We record them properly in the reconciliation.

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