How to File Wealth Statement | Understand and Reconcile Wealth Statement Easily

Tax Return Master course link:
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In this video, you will learn how to file Wealth Statement. A wealth Statement is a part of your Income Tax Return. Without Filling Wealth Statement you cannot submit your tax return. All you have to do is to understand the methods of reconciliation of the wealth statement.
This video will guide you through the process of Understand and Reconcile Wealth Statement Easily. I have explained to you each and every head/section of the wealth statement.
In this video, a comprehensive working for 116(2) Wealth Statement is shown. You can follow my step-by-step procedure to understand and reconcile the wealth statement in FBR's IRIS portal.
Filling a wealth statement is very important. In the wealth statement, you have to declare your total income, your expenses, and your assets and liabilities. You have to do the correct calculation for each of these.
Every person or business or Non-Resident Pakistan is bound to filing a tax return if he earns a taxable income in a financial year.
So, In this video, find out and learn about filling a wealth statement to submit your income tax return.
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[@gulzarzeb]

Best video I ever see .... I learnt a lot... May Allah grant yiu reward

[@Legalversity]

Thanks for your feedback.

[@ishaquemalik3863]

❤❤❤❤❤❤ Sir i m very thankful to you for uploading such a very very informative vedio. I learnt how to file wealth statement from this vedio. May Allah give you long life, health, wealth, success ,prosperity and keep you always happy and smile. آمین آمین

[@Legalversity]

Thanks for your feedback.

[@sweetbotanist9212]

sir bohat aala best vedio on this topic

[@amjadshahzad1962]

Weldon sir bht acha sy smja rhy ha ap Allah pak apko jazay khair atta farmy Apky ilam main amal main barkat ata farmy ameen

[@MuhammadUsman-dk4kt]

really really helpful bro But also make a video on if a person is doing job + freelancing then how he should be filed ?

[@Hamidjfthunder]

Zabardast bht acha or asaan kerdia aapne jazakallah

[@Legalversity]

Thank you so much for your feedback.

[@qasirsiddique2377]

Best video I ever see.

[@FAHADHASSANSYED]

Well Explained !!

[@blackstone2306]

Nice sir

[@moazamali3629]

In business section , there is head of business assets and liabilities.assets include stock , spares, others plant land etc Where as liabilities include capital , credit and other liabilities. business capital in wealth statement also appears. Difference between both !!! As a business individual , it’s mandatory to disclose business capital in wealth statement , because its alreay declared in business assets and liabilities.

[@Islamicchannelofyahya]

Well explained

[@humanresourcemanagement4293]

Thank you so much 🙏

[@asifkazmi]

Very informative. Thanks dear

[@Legalversity]

So nice of you

[@roheelnawaz9225]

Excellent job. very well explained sir. Thanks

[@Legalversity]

Thanks for your feedback.

[@saithumair2507]

🎉🎉🎉🎉thanku so much

[@islamonlysolution8046]

Agar Unreconciled amount 2nd year main negative like -50000 main aye tu koi problem hai?

[@abs780]

Jazakallah

[@user-ew3ug3mx3t]

jin electricity bills ko enter wo bills par name hamara hona chiaye ? ya yeh ho sakta ha kay name aur ka ha aur bill pay hum kartay ha to entry kar day?

[@imranbashir1850]

Very nice 👍👍👍

[@muhammadaetzazahsan4848]

You explained it very well.

[@Legalversity]

Thank you

[@drshafaatmohammad1009]

In reconciliation,we have to put Gross salary or amount after tax deduction

[@MuhammadIlyas-zt4gs]

سر رہنمائی فرمائیں اگر بینک کے لون ادا کریں یا کسی دوست سے لیا ہوا لون ادا کریں تو اس کو کس ہیڈ میں درج کریں

[@Hamidjfthunder]

Sir let me know manay aapki vdos dekh k alhamdulilah sahi return file kerlia hai 2020-2021 ka first time .. poochna ye tha k 2019-2020 ka b ker sakta hu is k bad ya pahle 2019-2020 keru phir 2021?

[@Legalversity]

Dear brother start from old and then New.

[@robinakitchenmaster6530]

Thanks sir

[@rananadeem6480]

Aoa brother, ap ne video k end mn property ky sale ky baat ky.ap ne gain show krne ky baat ky.ok lakin sath ap ne btaya k us ky purchase price ku delete kr den.iss sorat mn tu ap ky principle amount km hu jai gy.1lac purchase, 1.2 lac ky sale, gain shown .2 lac, lakin purchase ka 1lac kahan show hu gaa.umed hay clarify kr den gay.regards

[@multipleinfo3883]

Weldone

[@Advamjadnazir]

Bhai company k NTN py koi vedio banai

[@Legalversity]

Yes brother watch this video. kzbin.info/www/bejne/nIiYqKSFirF7i9U

[@asif6226]

Good job 👍

[@Legalversity]

Thanks for your feedback.

[@widerangevideo]

@@Legalversity sir married hony k bad bv k pas jo dono trf ay usy gold wagira milta ha ausy kaha kaisy diclear krna hota ha ya krian gy please is k hawaly sy b btain video ma ya aisy hi kn sy kia trh krian gy. Or cripto ko kaisy deal krna ha cripto profits or investments ko please

[@Legalversity]

@@widerangevideo watch this video completely without skip. You will get your answer.

[@syednoorali4747]

wellllllllanndgooooddddd dearr

[@hurerashoraiz6288]

Kindly clear one thing. You mentioned saperately about salary, business and freelance. I am a salary person as well as business, for example i got 4 lac from salary and 6 lac from business, then should i enter 4 lac in salary portion and 6 lac in business portion ?

[@junaidbashir70]

Janb good work

[@MuhammadTahir-om6qo]

Very Good.

[@Legalversity]

Thanks for your feedback.

[@wisdomwisp]

Thanks for such a valuable video and for sharing this video. I have spent money on maintenance of the car, medical of the family but I don't have any bills but I do have doctors' prescriptions. can still mention that amount in personal expenses. Please advise.

[@Legalversity]

Yes brother, you can mention.

[@suhailahmed3961]

How to cancel liabilities? i put 200000 Rs liabilities in my year 2021 returns, but next year deal cancelled than how to cancel my liability of 200000 RS in my 2022 statement. as when i deleted my liability in returns of 2022, the 200000 Rs added up in my assets/income. how to solve this issue?

[@muhammadumair-qj8cx]

Sir. How we show our gratuity in assets at present that we will receive from company when we will resign in future?

[@spoffylion]

Sir, meri mother widow hen or me student hun Hamra source of income permanent nai hai, food panda kr amount ati hai ya phir family members support krtay hen... supporting amount + food panda amount ko kahan or kesay manage karhen? please help me

[@mohammedowais3931]

Dear Sir 1. As per circular No.5 .. Foreign Remittance Received thru proper Banking channel. 2. USD 1000 withdrawn from Usd a/c & encashed from SBP authorised dealer Exchange House against invoice .... 3. IS IT WHITE MONEY. FOR FBR thanks.....

[@Legalversity]

Yes it is.

[@ashrafrao6872]

Entering value of inherited assets in assets and liabilities portion, and then entering same value in inheritance while reconciling assets , it gets double. For example if my inherited assets are 10 lac while reconciling I enter 10 lac the value of my currents assets jumps to 20 lac , how can I resolve this?

[@nmentertainmentofficial]

Brother Mai return wala sab Kuch complete Kar liya hai hai lakin jab submit per click karta hoon to Ak pop-up ata hai jis per Likha hota hai "total asset and total equity / liabilities again codes 3349 and 3399 must be entered before submission" Kiya matlab hai is Ka

[@ihsanulhaq9529]

pl tell me treatment of interest on HBFC house loan in a income tax return.thanks

[@asifhydro3]

Sir kisi se loan le ker property li ho to balance kaise kreien ge

[@Fshah1]

Salaam, I got confusion in un-reconciled amount. As per my understanding un-reconciled amount need to put in inflow (gift, others etc) if it is positive and put the same figure in outflow (expenses and others etc) if it is in negative. My Unreconciled Amount is Rs 5,198,966.00. it became zero when I have put the same in inflow. This is a large amount. Please advise me if it is okey. My income (Inflow) is only based on rental income and profit from Bank. My outgiing (Outflow) is normaly zero. Thanks

[@mukarramali174]

Valuation kasay karain gay k maray 10 marla gur ki is waqat yah value ha? I am filing first time to mujay apna gur declare karna ha tax return main to us ki current value kasay nikaloon ga.

[@JDMian]

And what is the taxable income in 2021 for a Salary person?

[@Legalversity]

Taxable income is 6 lakh for a salary person.

[@syedhamad8838]

All assests need to mention Or only these asset we make during tax year

[@Legalversity]

Dear brother agar pahli bar kr rhy to sb mentioned kro or agar dusri teesri bar to us saal men jo uper neechy huwy assets bus wo.

[@sawaizniaz1034]

Others line item in reconciliation tab me hm tax deducted on salary len ge?

[@AwaisulHaqlozeer]

Without login kesy chech kar sakty han

[@JavedKhan-YT422]

Bhai m ny year 2022 ki 144(4) return file krni thee tax 0 bna Hy .. Jo apne process btaya wo krlia.. ab us k liay wealth statement ko Lazmi krna Hy ...? Baki mere koi assets waghera nhi hen

[@muzammilhussain157]

Brother agriculture income ko wealth statement mai kaha add karte hain

[@arshadali-p8y]

Please tell me what is the effect on wealth reconciliation statement if there is contribution by family members.

[@Legalversity]

Nothing just add in your value and calculate it.

[@SindhiScienceChannel]

What about "Policy' (7006) ? If I have deposited premium in a life insurance policy, shall I declare it here as an asset?

[@user-ik9ew7wt1o]

A question if you can reply total earning 10lac the, 35000 saving 650000 expenses kr k equal krdia to tax kaha fix hua

[@mrarshad2931]

hi I try revise previous submitted tax return as not mention profit on debt from saving bank and total investment amount add in wealth statement and now once try calculate then previous NET assets amount same appear while previous year return already revised and submitted please make guide video about this issue or guide here waiting for you

[@azamfarooq6482]

Plot profit ko gain value ma likhny sy tax to lago nahi ho ga

[@azharmalhi7717]

Dear please make new video for 2022 for same on bank profit entry in tax return. and if profit is from special saving certificate or DSC

[@mzulfiqarahmmad9484]

السلام عليكم ورحمة الله وبركاته.sir ma na dowery ka gold incomtax return ma add kiya tha first time 0 value k sath .ab us ma sa kuch gold sale kiya uski price 2022 ki return ma kis head ma enter krni aor kia is incom pr tax prta?please guide me

[@aurangzeb5698]

Sir salary person return ki audit hoti ha k na.

[@Legalversity]

Dear brother, ho jati he and nahi bhi, but not to worry about as salary person's all record is already with FBR

[@waqastariq5941]

precious possession main koi item sale kia , aus sale ki wajh say jo capital inflow hua hai woh kehan show karien aur kia aus profit per koi tax ho ga.

[@Legalversity]

Reconcile tab men under Gain head men, no tax on that.

[@muhammadwaqas9787]

Kia inheritance money per tax dena hota hai...ya nahi

[@AsifJaved-lc5kk]

Sir wealth statement me code 7033 me kya value put kren?

[@dr.rananasir4381]

Very good masha Allah...if in previous year returns 10 tola gold was shown...now sold during the year...any tax applicable on this capital gain??? Plz reply

[@shm9585]

Assalam o alikum main NRP hoon main nain recently 2023 ki wealth statement apki video daikh ker file ki hai but is main mistake yeh ho gayee hai kay main nain 2021 main bhi file ki thi jis main plot ka rate 500000 likh diya tha but in 2023 2000000 likh diya hai… ab 2022 ki bhi file kerni hai but previous assets main price 500000 he likhi arahi hai… pls iska solution bata dain meharbani ho gi

[@nomy207]

very informative video... one question please: should we enter purchase value/ (registry value) of property or market value? thanks

[@skartstudio8824]

Purchase value

[@skartstudio8824]

As i think

[@nomy207]

@@skartstudio8824 i think the same because paid tax will appear in fbr system as per the registry value... but still not sure..

[@fragileheart9640]

Salaam, a quick question if you please reply asap. " father gifted a property to son, but father still taking the rent. Should rental income be shown in Father's return?"

[@atiazafar9081]

Koi in short btay ga reconciliation ka kya MATLAB ha?

[@SAJJADHUSSAIN-zk9jm]

Sir assalamualaikum Income tax me last year aor current year k assets equal kasy kr skty hain ye bta dain.

[@MuhammadIlyas-zt4gs]

سر اگر انکم کم ہو اور خرچہ زیادہ جو لون لیکر ایڈجسٹ کریں تو قرض کی رقم کس ہیڈ میں ایڈ ہوگی پلیز رہنمائی فرمائیں

[@AbdulSamad-vx5rv]

Very nice ager humny kisi sy loan lia or ek week mai return krdia through bank with cheque to return mai kha show kary gy

[@neatandnetae]

If the electricity and household bills are not in my name, what should I do in this case? Can I still mention those amounts?

[@Legalversity]

No brother.

[@majidali2010]

How to treat 7003004 tab, assets sold during the year

[@muhammadafzal-khan3972]

brother I was salaried person and tax filing from year 2010 but now I am jobless since Dec.2020 to date, which one form or how i will have to submit my tax return for the year 2021

[@skartstudio8824]

You will have to return tax file,

[@skartstudio8824]

Salary me i think zero amount ay gi, or taxes me bhi, but expenses apko likhne hongay, jo apke cash in hand me se kam hongay

[@amberharoon513]

where can i find form for 116(1) (Notice to file Statement of Assets / Labilities)

[@sweetpets-07]

Life insurance company s Jo tax rebit certificate milta h wo kia h kese hum return m include kren plz guide .

[@naveedbutt7199]

V.nice. but personal expenses mai puray year ki rent ki traveling, vehicle nd other heads etc ki receipts nahi hoti implossible ha. To other household ma lumpsum entry krdein?

[@Legalversity]

Yes brother. meny details sy bataya he sb is bary men. Ap kindly video ko achy say samjhen.

[@CarsandMarketing]

. Sir virasat ki taqsem agr 3 beto or 1 baywa me krni ho to hr ek ka kitny % hissa bany ga?

[@sharoylalani]

Salam I went on an international flight jis mai i paid 50500/- tax wo mai kahan declare karunga ?

[@abdulahad1344]

Mein complete course krna cahti hun

[@SyedKhuramFiaztech]

Aqr ma Kisi koi payment loan di hy to wo kahan mentioned ho gi pl reply

[@CherryBlossomKids]

How to submit data after this?

[@Gameplays-Tips-Entertainment]

On reconcile page my expenses are shown in outflows but reconcile amount is increasing instead of being decreased. What can be the reason. Plz guide.

[@farhanazmat2851]

AoA overall nice briefing... I want to know abt my car 1000 cc I'm filer since 2018 and mention car in asset with value and in 2022 tax yr I have sold with gain so I'm asset I show my sold 17/6/22 and plues gain in asset and More over in disposal of asset etc in wealth statement gain is also show up...??

[@Legalversity]

Dear brother watch today's this video to get the answer: kzbin.info/www/bejne/Y2jFl398mLBmhZY make sure to understand all.

[@bukshshakir1486]

last year, my assets included one car, which i sold out during the year. now my total assets are decreased. i spent this amount on house renovation. where this renovation must be reported in wealth statement.

[@skartstudio8824]

I think you should put in other expenses

[@GoldenSpur47]

cash (non-business) means cash in hand not in any bank a/c. please reconcile.

[@EVC2877]

Brother ju fixed assets ke value ha market value ke base put Karni ha ya purchasing point of sa put Karni ha

[@Legalversity]

Deae br8Jis price pay apny purchase kia or jiska proof apky pass mojood he.

[@hafizaqif8164]

Thanks for the information, excellent work. If a non resident have Assets in Pakistan and never declared before in wealth statement as not required, can he add these assets in current year wealth statement?

[@Legalversity]

Yes brother he can. Its optional but if he wants to then he can

[@hafizaqif8164]

Problem when all asset entered into current year then it doesn't reconciled

[@darulfalah08]

salaam Entries tu saari theek ho gai hain. reconciliation main unconcealed amount b zero hay laikin inflows mn kch show ni ho raha. Can u help plz

[@ranashahzadjoyianwala148]

بھائی جان آپکی ویڈیوز کا میں ریگولر وزٹ کرتا ہوں ۔ ایک چیز جو مجھے ابھی تک نہیں ملی وہ یہ ہے کہ میں پینشن لے رہا ہوں بینک سے پرافٹ بھی آ رہا ہے اور ساتھ میں قومی بچت میں پینشن بینیفٹ اکاونٹ بھی ہے پینشن تو میری ایگزیمٹڈ کے ہیڈ میں درج ہو گی قومی بچت والی آمدن جو تین لاکھ ہے وہ اور جو سیونگ اکونٹ سے منافع ملتا ہے وہ کون کون سے ہیڈ میں درج ہو گا ؟ پلیز رہنمائی فرمائیں یا اس پہ ایک ویڈیو اپلوڈ کر دیں شکریہ سر

[@Legalversity]

Dear brother Under 7b in the final and fixed section.

[@ranashahzadjoyianwala148]

@@Legalversity سر ریکونسائل میں آمدن کے کس ہیڈ میں سیونگ اکاؤنٹ اور بہبود سیڑیفیکیٹ کا منافع درج کرنا ہے؟

[@ashrafrao6872]

What value I should show of my inherited assets If I dont have registery?

[@Legalversity]

Jis saal registry ho jaye or proof mil jaye tb us saal add kr dena.

[@skartstudio8824]

Aoa Bhai aik sawaal ha, mene 2020 or 2021 me 200000 ka aik plot show kiya ha, wo plot 2017 me 2lac ka liya tha, ab wo 10 lakh ka hoga, to next 2022 ki return me amount 2 lack hi likne ha?

[@Legalversity]

Dear brother agar wo sirf plot he or us par koi construction nai ki to same value rehy gi jis py buy kia tha. Agar construction hui he to latest value.

[@skartstudio8824]

@@Legalversitythanks for reply, construction hui ha, to takreeban 30 lac kharcha hua, ab wo ager me 30 lack likhta hu, to i think masla hoga k pese kider se ai

[@mjmasood6457]

no understand

[@CarsandMarketing]

For example- agr First time return file krty huay 2 ya 3 hzaar tax refund ban jata hy, phr b one thousand atl surcharge pay krna pry ga? Ya refund me adjustment possible hy atl surcharge ki ?

[@Legalversity]

Not Possible with ATL Surcharge.

[@shamtabtech9414]

Sir many apni wife k Nam py saving account ma fix karwaya howa hai us amount Ko mujh apny assets my mention Karna lazmi h Kia ??? Or Ma kaha mention Karo ga???

[@Legalversity]

Wealth statement men bank account add kren wo wala and amount likh den bus.

[@shamtabtech9414]

@@Legalversity aur wife kasy mention Kar skti hai k ya amount mary Husband ki hai ???

[@CarsandMarketing]

Sir agr hm se by mistake koi galti ho jati hy return file krty huay to kya FBR direct iski penalty charge kry ga? Ya koi b action lene se pehly hmy koi notice send kry ga?

[@HammadBinSajid]

Provident Fund kaha mentioned krte Salary person k lye? kia wo Wealth Statement mai hote?

[@Legalversity]

Dear brother salary section men he iska head mojood he.

[@HammadBinSajid]

@@Legalversity kindly mentioned it's field name, I can't find it anywhere?

[@knowledgedistributor8796]

Bro mery father mugy 5M den Regular income certificate kay leya to ma profit ko to declare karun ga he sath sath mugy gift ke field may 5M mention karna ho ga? Assets may to 5M may declare karun ga he sath may gift may b karny han?

[@junaidbashir70]

Janb good

[@barbiedoll1760]

Sir ya salary pory Year ki hogi ya per month

[@Legalversity]

Dear brother puray saal ki gross salary.

[@mudsirsaeed382]

Assetss add krta hun unreconciled amount badhti hai magar expernses dalnay pr bhi unreconciled amount badh rhai hai es ka hall btayain kaam houni cahayee

[@Legalversity]

Dear yahi values ko uper neechy kr k apki reconciliation hogi because apky pass solid data to nai hoga jo exact ho. To isi trha sy he reconcile hoga.

[@mudsirsaeed382]

@@Legalversity GPF funds kaisay add krny aur account no konsa

[@CarsandMarketing]

. Sir salary person form 181 me "LINK" waly option pr kya declare kry ge?

[@Legalversity]

Apny department ka name.

[@shazibzahoor7353]

سر سیلری ڈیڈیکشنز مثلاً جی پی ایف، گروپ انشورنس وغیرہ کس ہیڈ میں جائیں گی؟ اخراجات میں کیسے ایڈجسٹ کریں گے جب کہ یہ مالک کو ملتے ہی نہیں

[@Legalversity]

Inko declare krny ki zaroorat bhi nai hoti itni. Jab jo cheez mil jaye usko declare kren bus. Simple is that.

[@shazibzahoor7353]

Sir tax gross salary py lgta ha, gross salary mn ye sb b including hn.

[@Legalversity]

@@shazibzahoor7353 to declare kr to rhen hen ap gross salary.

[@shazibzahoor7353]

But assets mn ya expenses mn koi option ni, in deductions k related

[@shazibzahoor7353]

For example, mri salary 700000 ha jis se 50000 deductions ho jati hn, Tax 7 lakj pr deduct hota ha. Wealth statement mn 5 lakh expenses ho gye 1.5 assets mn dal dye, where to adjust these 50 thousands?