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of <h1>Finance Bill 2021: Section 245F Amendment Transfers Settlement Commission Powers to Interim Board Effective February 1, 2021.</h1> In the Finance Bill, 2021, section 245F of the Income-tax Act is amended to introduce a new sub-section effective from February 1, 2021. This amendment transfers the powers and functions of the Settlement Commission to the Interim Board. The same provisions that applied to the Settlement Commission will now apply to the Interim Board. Additionally, clauses 61, 62, 63, and 64 amend sections 245DD, 245F, 245G, and 245H, transferring similar powers to the Interim Board from the Settlement Commission, effective retrospectively from February 1, 2021.
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