Blurb: The Direct Tax Code, submitted for discussion by the UPA government, is very progressive in its construction of policies for personal income taxes.

The new direct tax (DT) code has been put in the public domain and will most likely be up for debate in the monsoon session of parliament. There are three major components to the code – personal income taxes, treatment of capital gains, and corporate taxes. This and the next article will talk about the first two.