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<h1>Finance Bill 2021: Amendment to Section 245U of Income-tax Act Transfers Authority Powers to Board for Advance Rulings</h1> Clause 75 of the Finance Bill, 2021 proposes an amendment to section 245U of the Income-tax Act. It introduces sub-section (3), which stipulates that, from a date appointed by the Central Government via notification, the powers previously held by the Authority under this section will be transferred to the Board for Advance Rulings. The provisions applicable to the Authority will apply similarly to the Board. This amendment is effective from April 1, 2021.