Kamboh Associates provides expert FBR tax compliance services in Pakistan. Income tax filing from Rs. 3,500, NTN registration from Rs. 2,000, company incorporation from Rs. 15,000. WhatsApp 0328-4675162.
Every active taxpayer must file a wealth statement with their income tax return. A wrong wealth statement is the #1 cause of Section 111 FBR notices. We file it correctly the first time.
Your wealth statement must include all assets and liabilities — property, vehicles, gold, bank accounts, investments, and foreign assets. Miss anything and FBR will notice.
All immovable properties — house, plot, commercial — declared at FBR-compliant valuations to avoid Section 111 notice.
Vehicles, gold, jewelry, furniture declared at correct values per FBR schedule to prevent unexplained assets notices.
All savings, fixed deposits, shares, mutual funds, and prize bonds reconciled with actual bank statements.
Foreign bank accounts, properties, investments reported per Section 116A — essential for FATF compliance.
Business assets, stock-in-trade, debtors, and capital balances reconciled with your accounts.
Loans, mortgages, and liabilities declared properly to reduce net wealth and minimize tax exposure.
Share all assets and liabilities via WhatsApp. We provide a simple checklist to ensure nothing is missed or overstated.
We reconcile all assets with your income sources — ensuring no unexplained additions that could trigger FBR notices.
Wealth statement filed on FBR IRIS with income tax return. Confirmation sent to you within 24 hours.
A wealth statement (filed as part of Form WS on FBR IRIS) is a declaration of all assets owned and liabilities owed as of June 30 each year. It must reconcile with your income sources — any unexplained increase in net wealth triggers FBR action under Section 111.
If your net wealth increases by more than your declared income, FBR treats the difference as unexplained income and taxes it at 100% as penalty. This is the most common trigger for tax audits. Accurate, matched wealth statements prevent this entirely.
Your declared net assets from previous year's return (or zero if first year)
All income sources declared in your income tax return for the year
Household expenses, school fees, rent, utilities — declared honestly
Must match declared closing wealth. Any gap = FBR Section 111 notice
FBR's CREST (Compliance Risk Evaluation and Stratification Tool) system automatically analyses wealth statements to identify anomalies that warrant audit selection. The most common trigger is an unexplained increase in net assets compared to declared income. If your closing wealth is significantly higher than opening wealth plus declared after-tax income minus personal expenditure, the system flags the difference as potential concealed income under Section 111. This can result in a notice demanding explanation — and if no satisfactory source is provided, the difference is taxed at the full rate plus a hundred percent penalty.
Two other major red flags regularly flagged by CREST are property valuations and foreign asset non-disclosure. If you declare a property at DC (District Collector) value but FBR's own data shows a transfer at a much higher market price, the gap attracts scrutiny under Section 68. Separately, foreign assets — including bank accounts, investments, and property held abroad — must be disclosed under Section 116A of the Income Tax Ordinance 2001. Non-disclosure of foreign assets is treated as a serious compliance failure given Pakistan's FATF commitments, and penalties can be substantial. Kamboh Associates reviews all these risk areas before filing to ensure your wealth statement is defensible at every line item.
Wealth statement filing is mandatory for all active taxpayers — not just high earners. If you are on the Active Taxpayers List (ATL), your income tax return is incomplete without a valid wealth statement.
Must declare all assets including property received as inheritance, spouse's declared assets, and savings from salary income.
Must include business net equity (capital + retained earnings) as a wealth component, in addition to personal assets.
Freelancers with overseas income must declare foreign remittances received and their accumulation into local assets.
Multiple properties must each be listed individually at FBR DC value or cost of acquisition — whichever is higher.
Section 116 of the Income Tax Ordinance 2001 requires every taxpayer to file a statement of assets, liabilities, and personal expenditure for each tax year along with their income tax return. The wealth statement must include all assets held by the taxpayer, their spouse, and minor children. Any unexplained increase in net assets over declared income is treated as concealed income under Section 111 and taxed accordingly. Kamboh Associates reconciles all asset movements with income sources before submission to ensure your return is free from Section 111 exposure. We have filed over 5,000 wealth statements since 2008 without a single Section 111 notice on a properly filed return.
We have filed over 5,000 wealth statements since 2008 — for salaried employees, property investors, business owners, and overseas Pakistanis. Our structured process eliminates the guesswork from wealth reconciliation.
A wrong wealth statement is the #1 trigger for FBR notices. Let our experts file it right, the first time.