The revised paper on Direct Taxes Code (DTC) put out by the finance ministry has been a subject of discussion in the media. The revisions have been made on the basis of the representations received from various stakeholders on the draft released in August 2009.

Importantly, even as the new version accedes to the demand to continue concessions in many areas that were originally proposed to be withdrawn, it does not propose to expand the personal income tax brackets to Rs 10 lakh & Rs 25 lakh and, thus, avoids losing a substantial tax base.