Direct tax code-II: Negative equity effects, complexity must be eliminated

In a country like India, a tax on wealth is imperative for equity

I continue with a comparison of direct tax code (DTC) 09 and DTC10 (while desisting from the virtual DTC14) in the context of the currently ongoing exercise that is revisiting the DTC yet another time. Today, I also go beyond DTC09 and DTC10 and bring to attention selected remaining challenges that were inadequately addressed in both of them, nevertheless needing urgent attention.
 
Wealth tax: DTC09 proposed charging wealth tax on all assets, including financial assets. The law was structured to be simple and implementable. A high threshold of Rs 0.5 billion and a low tax rate of 0.25 per