<h1>Government Identifies Key Concerns in Draft Direct Taxes Code, Including Retirement Benefits Taxation and MAT Modifications.</h1> The government has identified seven key areas of concern in the draft Direct Taxes Code, including the taxation of retirement benefits. Finance Minister Pranab Mukherjee emphasized that these proposals are 'illustrative' and open for discussion, not finalized decisions. The government aims to implement the Code from 2011-12 after addressing issues such as taxation of retirement savings, removal of housing loan incentives, and modifications to the Minimum Alternate Tax (MAT). The Code is set to replace the Income Tax Act of 1961, with plans for the finance bill to be appropriate for the 2011-12 period.