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of <h1>CBDT Circular Clarifies Tax Compliance for Undisclosed Foreign Income and Assets Under Black Money Act, 2015.</h1> Circular No. 15 of 2015 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 scenarios such as non-residents becoming residents, foreign income exemptions, pension accounts, and undisclosed foreign assets. The circular outlines the requirements for declaring foreign bank accounts, brokerage accounts, and immovable properties. It also covers the valuation of assets, confidentiality of declarations, and implications of non-compliance. The circular aims to guide taxpayers in declaring undisclosed foreign assets and ensuring compliance with the Act.
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