Direct tax code and taxation challenges in India

The Direct Taxes are now under one Code for providing a single Tax Reporting System. It has reintroduces wealth tax and capital gains tax, even though at lower levels Capital gains on shares and securities to be taxed as income. This System has moved the base year for calculation of capital gains tax to April 2000. The direct tax code aims to simplify tax system, but this may not necessarily reduce taxes at various levels. The new tax code has proposed a Minimum Alternate Tax [MAT] on companies calculated with reference to the value of gross assets.