Some Important Points of Indian Independence Act 1947

Parliament of the United Kingdom that partitioned British India into the two new independent dominions of India and Pakistan. Two new dominions were to emerge from the Indian Union, Pakistan and India.
Appointed Date: 15 August 1947 was declared as the appointed date for the partition.
Territories:
Pakistan: East Bengal, West Punjab, Sind, and Chief Commissioner’s Province of Baluchistan.
The fate of North West Frontier Province was subject to the result of referendum.
Bengal & Assam:
The province of Bengal as constituted under the Government of India Act 1935 ceased to exist;
In lieu thereof two new provinces were to be constituted, to be known respectively as East Bengal and West Bengal.
The fate of District Sylhet, in the province of Assam, was to be decided in a referendum.
Punjab:The province as constituted under the Government of India Act 1935 ceased to exist;
Two new provinces were to be constituted, to be known respectively as West Punjab & East Punjab
The boundaries of the new provinces were to be determined by, whether before or after the appointed date, by the award of a boundary commission to be appointed by the Governor General.
Constitution for the New Dominions: until the time of framing of new constitution, the new dominions and the provinces thereof were to be governed by the Government of India Act 1935. (Temporary Provisions as to the Government of Each New Dominion.)
The Governors General of the new dominions:
For each of the new dominion a new Governor General was to be appointed by the Crown, subject to the law of the legislature of either of the new dominions.
Same person as Governor General of both dominions: if unless and until provision to the contrary was made by a law of the legislature of either of the new dominions, the same person could be the Governor General of both.
Powers of Governor General:
The Governor General was empowered to bring this Act in force.
Division of territories, powers, duties, rights, assets, liabilities, etc., was the responsibility of Governor General
To adopt, amend, Government of India Act 1935, as the Governor General may consider it necessary.
power to introduce any change was until 31 March 1948, after that it was open to the constituent assembly to modify or adopt the same Act. (Temporary Provisions as to the Government of Each New Dominion.)
Governor General had full powers to give assent to any law.
Legislation for the new dominions:The existing legislative setup was allowed to continue as Constitution making body as well as a legislature. (Temporary Provisions as to the Government of Each New Dominion.)
The legislature of each dominion was given full powers to make laws for that dominion, including laws having extraterritorial operation.
No Act of Parliament of UK passed after the appointed date would be extended to the territories of new dominions.
No law and provision of any law made by the legislature of the new ominions shall be void or inoperative on the ground that it is repugnant to the law of England.
The Governor General of each dominion had full powers to give assent in His Majesty’s name to any law of the legislature. [Configuration of Pakistan’s Constitution Assembly (CAP I): 69 members of the central legislature + 10 immigrant members= 79]
Consequences of setting up of the new dominions:
His Majesty’s Government lost all the responsibility to the new dominions
The suzerainty of His Majesty’s Government over the Indian States lapsed.
All the treaties or agreements in force at the passing of the Act lapsed.
The title of “Emperor of India” was dropped from the titles of British Crown.
The office of Secretary of State for India was abolished and the provisions of GOI Act 1935 relating to the appointments to the civil service or civil posts under the crown by the secretary of the state ceased to operate
Civil servants: Section 10 provided for the continuance of service of the government servants appointed on or before 15 August 1947 under the Governments of new Dominions with full benefits.
Armed Forces: Sections 11, 12, & 13 dealt with the future of Indian Armed Forces. A Partition Committee was formed on 7 June 1947, with two representatives from each side and the viceroy in the chair, to decide about the division thereof. As soon as the process of partition was to start it was to be replaced by a Partition Council with a similar structure.
First and Second Schedules:First Schedule listed the districts provisionally included in the new province of East Bengal:
Chittagong Division: Chittagong, Noakhali & Tippera.
Dacca Division: Bakarganj, Dacca, Faridpur, & Mymensingh.
Presidency Division: Jessor, Murshidabad & Nadia
Rajshahi Division: Bogra, Dinajpur, Malda, Rajshahi & Rangpur.
Second Schedule listed the districts provisionally included in the new province of West Punjab:
Lahore Division: Gujranwala, Gurdaspur, Lahore, Sheikhupura & Sialkot.
Rawalpindi Division: Attock, Gujrat, Jehlum, Rawalpindi & Shahpur.
Multan Division: Dera Ghazi Khan, Jhang, Lyallpur, Montgomery, Multan & Muzaffargarh

On 4 June 1947 Mountbatten held a press conference in which he addressed the question of the princely states, of which there were then a total of 562. The treaty relations between Britain and the Indian States would come to an end, and on 15 August 1947 the suzerainty of the British Crown was to lapse. Consequently the princely states would assume independent status. They would be free to choose to accede to one or the other of the new dominions. In the event, the rulers of ten states signed an instrument of accession to join Pakistan: Amb, Bahawalpur, Chitral, Dir, Kalat, Khairpur, Kharan, Lasbela, Makran, and Swat.

Source:-http://www.legislation.gov.uk/ukpga/Geo6/10-11/30