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of <h1>Direct Taxes Code, 2010 Repeals Income-tax Act, 1961 & Wealth-tax Act, 1957; Introduces New Rules for Assessments</h1> The Direct Taxes Code, 2010 repeals the Income-tax Act, 1961, and the Wealth-tax Act, 1957, while providing savings provisions for ongoing and past assessments. Returns filed before the Code's commencement will continue under the old Acts, whereas those filed after will follow the new Code. Pending proceedings at various authorities will continue under the repealed Acts. Specific deductions and penalties will be governed by the provisions of the new Code, subject to certain conditions. Existing agreements, appointments, and orders under the repealed Acts will remain valid unless inconsistent with the new Code. Definitions of terms like 'assessment year' remain aligned with the repealed Acts.
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