Immunities will not be granted and if the declared value based on best estimate is found to be more than the final determination, the excess will not be refundable. Key Points: • Those who fail to declare their assets abroad would be subject to paying taxes and a 120% penalty and would also risk a prison sentence of around ten years. Those who have already been notified or received notices through June 30 would not be considered eligible to take advantage of the compliance window. • Indians, in respect of whom information has been received from foreign nations or foreign accounts, will not be eligible to file returns in this window. • Tax and penalties can be paid until December 31st. The Commissioner of Income Tax (International Tax)-2, New Delhi, has been directed to receive all such returns. • Declarations of foreign assets for which taxes and penalties are payable under the Black Money Act, will not face any proceedings under FEMA (Foreign Exchange Management Act), 1999. Those waiting to dispose of the declared assets and would like bring the proceeds back through the banking channel, would therefore be exempt from criminal prosecution under