Wealth statement & reconciliation
Prepare or revise your wealth statement so assets, inflows and expenses reconcile year to year.
Overview
Preparing or revising your wealth statement so your assets, liabilities, income and spending reconcile year to year. This is the document FBR uses to question unexplained wealth.
Why it matters
The wealth statement shows how your assets moved from last year to this year. If the increase is not explained by declared income, FBR can treat the gap as unexplained income. A clean reconciliation protects you in future audits and when you sell or buy property.
Who needs this
- Anyone filing a return
- People who bought property, a car or gold this year
- Those who received gifts, inheritance or loans
- Filers whose statement doesn't reconcile
How it works
Who does each step, and how long it usually takes once documents are complete.
- 1ReviewTAXWORK
We read your last few wealth statements and spot gaps.
1 day - 2Asset documentsYou
Property, vehicle, bank, investment and loan papers.
2–3 days - 3ReconciliationTAXWORK
Opening wealth + income − expenses = closing wealth, with gifts and loans traced to their source.
1–2 working days - 4Revision if neededTAXWORK
We file a revised statement where the law allows, before FBR issues a notice.
1 day
Documents we need
Tick what you already have, then send the list to us.
What you receive
- Wealth statement and reconciliation
- Notes on gifts, loans and inheritances
- Revised statement where applicable
Deadlines, risks and penalties
- Unexplained increases in wealth are taxed as income from other sources
- Cash gifts and loans, even from family, can be taxed if not received through a bank
Mistakes we fix, and what our fee covers
Common mistakes we fix
- Salary, bank profit and property not matched with the withholding shown on IRIS
- Wealth statement that does not reconcile, which invites a s.116 / s.122 notice
- Missing adjustable tax credits, so you pay twice
- Filing after the due date, which keeps you off the Active Taxpayers List
Included in our fee
- Review of last year's return and your IRIS records
- Preparation and e-filing on IRIS, with your approval first
- Wealth reconciliation and withholding credit check
- Copy of the filed return and acknowledgement on WhatsApp
Law and references
The sections and rules this service is based on.
- Section 116 – wealth statement
- Section 111 – unexplained income or assets
- Section 39(1)(la) and 39(3) – gifts and loans
Questions
How long does it take?
3–6 working days. Step by step: Review (1 day), Asset documents (2–3 days), Reconciliation (1–2 working days), Revision if needed (1 day).
What does it cost?
We give a fixed quote after reviewing your case. Government fees are extra where they apply.
What happens if I miss a deadline?
Unexplained increases in wealth are taxed as income from other sources. Cash gifts and loans, even from family, can be taxed if not received through a bank.
Can I correct an old wealth statement?
Usually yes, if done before a notice is issued for that year.
Is there a step-by-step procedure?
Revising a filed return: Correcting an omission or wrong statement in a return you already filed. Open the procedure →
Is there a step-by-step procedure?
Gifting property to a relative: The legal and tax steps for a gift (hiba) of property. Open the procedure →
Is there a step-by-step procedure?
Receiving a money gift: How to receive money as a gift without it becoming taxable. Open the procedure →
What if last year's wealth statement was wrong?
In many cases it can be revised within the time allowed. We check what can be corrected and the safest way to do it.
Do I need to show gifts and loans?
Yes. Gifts, inheritances and loans should be shown with documents, because they explain changes in your assets.
Why clients choose TAXWORK
Individuals, businesses and companies across Pakistan and overseas.
Rawalpindi/Islamabad, Sialkot and Karachi (with Raza Siddiqui & Co., Chartered Accountants).
You get the scope and a fixed fee in writing before any work starts.
Progress updates, and a copy of everything we file or submit for you.
Keep reading
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View service →Ready to get wealth statement & reconciliation done?
Send your documents on WhatsApp or book a meeting. A consultant confirms the scope and a fixed fee before any work starts.