(1) Where it is provided that the source of such investment shall be deemed to have been explained in accordance with the provisions of this Act on payment of tax at the rate and under the conditions prescribed in the First Schedule of this Act, the said investment shall be deemed to be so explained.

(2) Where a person has been given an opportunity to disclose any undisclosed income under the provisions of this Act, subject to the payment of tax and other applicable amounts prescribed in the First Schedule and subject to the conditions specified in the Schedule, there shall be an opportunity to disclose such income.