Voluntary display of income.—

(1) Any person-

(a) who has not been assessed tax for one or more previous income years and who has not filed any return for the said one or more years, may show in his return the said income together with the income of the current tax year; or

(b) for which tax has been assessed for one or more previous income years; However, while determining such income, any income has been omitted or the amount of income determined is shown less than the actual income, he can show the said undisclosed income along with the income of the current tax year in his return.

(2) The return referred to in sub-section (1) shall be deemed to be valid, if-

(a) Before filing the return person-

(i) pay the tax payable on the total income including such income; and

(ii) pay penalty at the rate of 10% (ten percent) of tax proportionate to undisclosed income;

(b) the return of income is filed within the period specified in section 171; and

(c) A declaration stating the following matters is enclosed with the return-

(i) the name of the person making the declaration;

(ii) the source and amount of income declared; and

(iii) Tax and penalty paid on declared income.

(3) The provisions of this section shall not apply, if-

(a) any notice is issued under section 212 for concealment of any income, assets or expenditure or evasion of tax on any income or part thereof before the filing of such return of income;

(b) any notice is issued on any banking company under subsection (2) of section 200 before the filing of such return of income;

(c) any proceedings under sections 311-313 are made before the filing of such return of income;

(d) any income declared under this section-

(i) does not arises from any legitimate source; or

(ii) arises out of criminal activities under any other law for the time being in force; or

(e) Any income declared under this paragraph is exempted from tax in the relevant tax year.

(4) The shown income under this section shall be invested in any productive activities or sector including the following activities, namely:-

(a) Industry and its expansion;

(b) standardisation, modernisation, renovation and expansion of any existing industrial plant;

(c) building or apartment or land;

(d) securities listed on the Bangladesh Stock Exchange; or

(e) any business, trade or industry producing goods and services