Amendment of section 245K

In force Act 20 of 2015 As on 12 Oct 2026

Act 20 of 2015 Ministry Finance

Section 62 of the Finance Act, 2015 deals with amendment of section 245K. Amendment of section 245K. 62. In section 245K of the Income-tax Act, with effect from the 1st day of June, 2015,— (A) | in sub-section (1), for the words "he shall not be entitled to apply", the words and brackets "he or any person related to such person (herein referred to as related person) shall

Amendment of section 245K.
62. In section 245K of the Income-tax Act, with effect from the 1st day of June, 2015,—
(A) in sub-section (1), for the words "he shall not be entitled to apply", the words and brackets "he or any person related to such person (herein referred to as related person) shall not be entitled to apply" shall be substituted;
(B) in sub-section (2), for the words "shall not be subsequently entitled", the words "or any related person shall not be subsequently entitled" shall be substituted;
(C) after sub-section (2), the following Explanation shall be inserted, namely:—
'Explanation.—For the purposes of this section, "related person" with respect to a person means,—
(i) where such person is an individual, any company in which such person holds more than fifty per cent of the shares or voting rights at any time, or any firm or association of persons or body of individuals in which such person is entitled to more than fifty per cent of the profits at any time, or any Hindu undivided family in which such person is a karta;
(ii) where such person is a company, any individual who held more than fifty per cent of the shares or voting rights in such company at any time before the date of application before the Settlement Commission by such person;
(iii) where such person is a firm or association of persons or body of individuals, any individual who was entitled to more than fifty per cent of the profits in such firm, association of persons or body of individuals, at any time before the date of application before the Settlement Commission by such person;
(iv) where such person is a Hindu undivided family, the karta of that Hindu undivided family.'.
Section 62, The Finance Act, 2015 (Act 20 of 2015).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Income-tax Act s. 245K Bar on subsequent application for settlement

Questions about Section 62

What does Section 62 of the Finance Act deal with?

Section 62 of the Finance Act is headed "Amendment of section 245K". Amendment of section 245K. 62. In section 245K of the Income-tax Act, with effect from the 1st day of June, 2015,— (A) | in sub-section (1), for the words "he shall not be entitled to apply", the words and brackets "he or any person related to such person (herein referred to as related person) shall

How do I find court cases under Section 62 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2015 62, section 62 Finance Act 2015, section 62 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 62 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 245K (Bar on subsequent application for settlement), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2015 as Act 20 of 2015. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

First Schedule. First Schedule8029 words
Fifth Schedule. Fifth Schedule4392 words
2. Income-tax3525 words
94. Substitution of new section for section 11AC1125 words
6. Insertion of new section 9A1095 words
5. Amendment of section 91039 words

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(A)		in sub-section (1), for the words "he shall not be entitled to apply", the words and brackets "he or any person related to such person (herein referred to as related person) shall not be entitled to apply" shall be substituted;
(B)		in sub-section (2), for the words "shall not be subsequently entitled", the words "or any related person shall not be subsequently entitled" shall be substituted;
(C)		after sub-section (2), the following Explanation shall be inserted, namely:—
		'Explanation.—For the purposes of this section, "related person" with respect to a person means,—

(i)		where such person is an individual, any company in which such person holds more than fifty per cent of the shares or voting rights at any time, or any firm or association of persons or body of individuals in which such person is entitled to more than fifty per cent of the profits at any time, or any Hindu undivided family in which such person is a karta;
(ii)		where such person is a company, any individual who held more than fifty per cent of the shares or voting rights in such company at any time before the date of application before the Settlement Commission by such person;
(iii)		where such person is a firm or association of persons or body of individuals, any individual who was entitled to more than fifty per cent of the profits in such firm, association of persons or body of individuals, at any time before the date of application before the Settlement Commission by such person;
(iv)		where such person is a Hindu undivided family, the karta of that Hindu undivided family.'.