https://www.taxtmi.com/article/detailed?id=464 The draft Direct Tax Code Bill, 2009 consolidates income, wealth and capital gains into a single Code, reclassifies income into ordinary and special sources, expands the taxable base to include perks, certain gifts, profit in lieu of salary and capital gains, removes many exemptions, relocates definitions to the end of the Code, and introduces lower statutory rates alongside restructured wealth taxation and altered capital gains rules, while increasing compliance and interpretive complexity due to dispersed provisions across chapters and schedules. en-us Wed, 19 Aug 2009 00:00:00 +0530 Thu, 10 Dec 2009 19:03:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=464 The draft Direct Tax Code Bill, 2009 consolidates income, wealth and capital gains into a single Code, reclassifies income into ordinary and special sources, expands the taxable base to include perks, certain gifts, profit in lieu of salary and capital gains, removes many exemptions, relocates definitions to the end of the Code, and introduces lower statutory rates alongside restructured wealth taxation and altered capital gains rules, while increasing compliance and interpretive complexity due to dispersed provisions across chapters and schedules. Articles Income Tax Wed, 19 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=464