(1)   Notwithstanding anything contained in this Ordinance, the Central Board of Revenue may, make scheme of payment of tax in respect of undisclosed income.

(2)   Where any person declares his undisclosed income in accordance with the scheme and the rules the tax on such income shall be charged at such rate as may be prescribed.

(3)   Where a person has paid tax on his undisclosed income in accordance with the scheme and the rules, he shall -

(a)    be entitled to incorporate in his books of account such undisclosed income in tangible form; and

(b)    not be liable to pay any tax, charge, levy, penalty or prosecution in respect of such income under this Ordinance.

(4)   For the purpose of this section "undisclosed income" shall mean any income (including any investment to be deemed as income under section 13 or any other deemed income) for any year or years which was chargeable to tax but was not so charged.