<h1>Direct Taxes Code Bill consolidates income and wealth taxation, setting residence, computation, incentives, anti avoidance and procedural regimes.</h1> The Direct Taxes Code, 2010 consolidates and replaces the Income-tax Act and Wealth Tax Act into a single statute of 319 sections and 22 schedules, setting out the basis of charge, residence and deemed accrual/receipt rules, classification and computation of income under specified heads, aggregation and loss continuity rules, industry and transaction specific schedules, a wide range of tax incentives and deductions, detailed tax administration, assessment, appeals, recovery, penalties and prosecutorial provisions, anti avoidance measures, advance rulings and dispute resolution, and confers rule making and notification powers on the Central Government and the Board.