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of <h1>CBDT Clarifies Tax Compliance for Undisclosed Foreign Income and Assets Under Black Money Act, 2015; Immunity Limits Explained.</h1> The circular issued by the Central Board of Direct Taxes provides clarifications on tax compliance for undisclosed foreign income and assets under the Black Money Act, 2015. It addresses various queries in a question-and-answer format, explaining who can file declarations, the extent of immunity provided, and the implications of not declaring such assets. It specifies that declarations can be made by firms and companies, with immunity for directors and partners. The circular clarifies that immunity is limited to specific Acts and does not extend to offences under the Prevention of Money Laundering Act or other laws. It also outlines the procedures for declaring assets, the consequences of non-declaration, and the treatment of assets acquired from unexplained sources.
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