The 4000 plus pages report of the Select Committee of Lok Sabha on the new Income tax Bill, has so much content to parse that we are already feeling sleep deprived! Jokes apart, the Report is the first comprehensive peek we are getting into the mind of the Legislature. And in that sense, the Report does not disappoint. 

The million dollar question that tax professionals have been asking over the last 5 months - how much of a departure is the Income tax Bill, 2025 from the Income tax Act, 1961? Is the legislative intent in the new Bill the same as the old Act? How will judiciary weigh in on these new provisions? Is the new Bill only about language simplification and lucidity of text or is there something more substantive to this yeomen exercise?

In this special compilation 'Twins', the Taxsutra Editorial team gets our readers a comprehensive list of clauses in the new Bill, which as per the Select Committee, are identical to/aligned with/retain legislative intent of the corresponding provisions of Income tax Act, 1961. But even here, the Report itself uses different language to describe the identicalness of the provisions. That is why we are using the word - 'twins'... identical look but two bodies... but are they conjoint twins? 

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