¹[19E. (1) Notwithstanding anything contained in this Ordinance, any person-

(a) who has not been assessed to tax for previous assessment year or years and he has not submitted return of income for those year or years may disclose such income in the respective heads of income in the return of income along with the income for the current assessment year; or

(b) who has been assessed to tax for previous assessment year or years and any income has escaped assessment in those assessments or the amount of income assessed is less than the actual income, may disclose that income for respective heads of income in the return of income along with the income for the current assessment year.

(2) Return of income mentioned in sub-section (1) shall be treated as valid, if-

(a) the assessee pays before the submission of return-

(i) tax payable at applicable rate on total income including such income under respective heads of income; and

(ii) penalty at the rate of ten percent of tax proportionate to such income under respective heads of income;

(b) the return of income is submitted within the time specified in ²[sub-section (5)] of section 75; and

(c) a declaration is enclosed with the return of income in respect of the following:

(i) name of the person declaring;

(ii) head of the declared income and amount thereof; and

(iii) amount of tax and penalty paid thereof.

(3) The provision of this section shall not apply where-

³[(a) a notice under section 93 has been issued before submission of such return of income for the reason that any income, assets or expenditure has been concealed or any income or a part thereof has escaped assessment;]

(b) a notice on a banking company under clause (f) of section 113 has been issued before submission of such return of income;

(c) any proceeding under sections 164, 165 or 166 has been initiated before submission of such return of income; ⁴[***]

(d) any income declared under this section is-

(i) not derived from any legitimate source of income; or

(ii) derived from any criminal activities under any other law for the time being in force⁵[;or

(e) any income declared under this section which is –

(i) exempted from tax in the concerned income year; or

(ii) chargeable to tax at a reduced rate in accordance with section 44 of this Ordinance.

(4) The income shown under this section may be invested in any income generating activities or any sector including the following:

(a) industrial undertaking including its expansion;

(b) balancing, modernization, renovation and extension of an existing industry;

(c) building or apartment or land;

(d) securities listed with a Stock Exchange in Bangladesh; or

(e) any trade, commercial, or industrial venture engaged in production of goods or services.]