Notwithstanding anything contained in section 4 and 5, the Commissioner may, in such circumstance, under such conditions and for such period as may be prescribed, permit any class of assesses to pay in lieu of the amount of tax payable by him under the provisions of this Act, a lump sum determined in the prescribed manner at prescribed rate by way of composition and the sum so compounded shall be payable by the assessee.

Provided that the provisions of this Act and the rules made thereunder relating to the filing of returns and the maintenance of accounts by such assesses shall not apply to them.