<h1>Proposed Direct Taxes Code to Replace Income Tax and Wealth Tax Acts; Introduces 319 Sections and 22 Schedules.</h1> The proposed Direct Taxes Code (DTC) aims to replace the outdated Income Tax Act and the Wealth Tax Act, resulting in a more extensive legal framework. The DTC comprises 319 sections and 22 schedules, compared to the current act's 298 sections and 14 schedules. Additionally, it incorporates the 47 sections and three schedules of the Wealth Tax Act, 1957. Presented in the Lok Sabha, the DTC is structured into 20 chapters across nine parts, addressing various tax-related topics such as income tax, wealth tax, and tax management, among others.