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of <h1>Finance Bill 2015 amends Section 245K of Income-tax Act to bar related persons from settlement applications.</h1> Clause 61 of the Finance Bill, 2015, amends section 245K of the Income-tax Act, effective June 1, 2015. The amendment extends the bar on subsequent applications for settlement before the Settlement Commission to include related persons. 'Related person' is defined as any individual or entity with significant ownership or profit entitlement in a company, firm, association, or Hindu undivided family connected to the barred individual. This ensures that neither the individual nor their related entities can apply for settlement if previously barred, enhancing the integrity of the settlement process.
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