The document discusses key aspects of the Direct Tax Code 2010 including its objectives to simplify the tax system and broaden the tax base. It compares tax rates and calculations under the current Income Tax Act versus the proposed Direct Tax Code through various case studies. Some of the major changes highlighted include a single tax rate for capital gains, reduced deductions for house property income, and treating retirement fund withdrawals as taxable which currently enjoy exemption. Overall, the Direct Tax Code aims to achieve a less complex and more equitable tax system.