 The Direct Taxes Code Bill was tabled in the Parliament on 30 August 2010 by the then Finance Minister to replace the Income Tax Act, 1961 and Wealth Tax Act.The bill, however, could not go through and eventually lapsed after revocation of the Wealth Tax Act in 2015.Government of India allowed the people to declare their undisclosed incomes in Income Declaration Scheme, 2016 and pay a total of 45% tax for one time settlement.