Foreign assets disclosure scheme grants immunity from tax, penalty and prosecution for qualifying declarants who pay required amounts. A declarant who makes a valid declaration under the Scheme and pays any required amount in accordance with the Scheme shall be granted immunity from levy of any further tax or penalty and from prosecution under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 in respect of the income or asset so declared for the previous year ending 31 March 2026 or any earlier previous year, subject to fulfilment of the Scheme's provisions and conditions.