We report a detailed spectro-temporal analysis of the black hole low mass X-ray binary 4U 1543−475 during its 2021 outburst using the data from the Large Area X-ray Proportional Counter and the Soft X-ray Telescope instruments on board AstroSat. We studied the energy and frequency dependency of the source variability to probe the origin of the disc/coronal fluctuations. Following the state transition (from soft to intermediate state), the emergence of a band-limited noise component is observed along with the power law noise when the disk is recovering from a sudden decrease in the inner disk radius. A possible correlation between the low-frequency root mean square (RMS) variability amplitude and the covering fraction of the non-thermal component is detected. During the final AstroSat observation, a flip-flop phenomenon is reported, where rapid variation in RMS occurs in concurrence with sudden flux transition. An indication of the evolution of inner disk temperature along with a significant change in thermal flux was observed during the flip-flop phase, arguing for a disk instability-driven origin for this phenomenon. Our results suggest that the long-term variability evolution is primarily affected by the coronal changes, whereas the disk behavior governs the short-term variability evolution.