New Delhi, Aug 12 - Finance Minister Pranab Mukherjee Wednesday unveiled a draft of the new Direct Tax Code to replace the five-decade-old Income Tax Act with easy-to-comprehend provisions for average taxpayers, freeing them from the clutches of lawyers and experts.

The finance minister also placed on the ministry's website a discussion paper on the subject to invite opinion from the public before going to parliament with a proper bill for the legislative changes.

The code also proposes to bring under one umbrella provisions related to all aspects of direct taxes in the country, including corporate tax, personal income tax, fringe benefit tax and securities transaction tax.

'The language is very, very simple. By putting simple language and simple forms, we will eliminate litigations as far as possible,' Mukherjee told reporters here.

He said it would be possible for most taxpayers to file their returns easily, adding that there were several easy to comprehend illustrations to guide them through the entire process, which today is often seen as complex and confusing.

'I expect people will read it, there would be an informed debate. Of course, we will hold detailed discussions with large numbers of stakeholders.