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Direct Tax Code

DIRECT  TAX  CODE
A new Direct Tax Code (DTC). That is what the country needs, not tinkering with the old DTC. Majority of the citizens of India like to play fair and square. This DTC enables them to do that.
The main thrust of this DTC is a fair equitable taxation policy. There will always be a certain percent of the tax paying people who will try to game the system. That is inevitable. They are the ones who will need to be picked up via surveillance and made to comply with fairness. 
We propose the following Direct Tax Code.
For individuals.
Two taxes – income and wealth.
All income up to Rs 10 lakhs per annum is tax free. From Rs 10 lakh to Rs 1 crore, a flat 10% tax rate. Rs 1 crore and above is a flat 20%  tax rate. All exemptions are removed. Gains/losses on financial investments to be annualised and taken into account every year. Agricultural income (not revenue) to be taxed.
Wealth tax will be calculated on total assets held by the individual. For assets up to Rs 10 crores, no…