Which of the following is a recommendation of the task force on direct taxes under the chairmanship of Dr Vijay L. Kelkar in the year 2002?

1 The Task Force on Direct Taxes, chaired by Dr Vijay L. Kelkar, submitted its report in 2002. 2 One of the significant recommendations of the Kelkar Task Force was the Abolition of Wealth Tax, arguing it was inefficient and costly to administer relative to the revenue generated. 3 Other recommendations included rationalizing income tax slabs, eliminating most exemptions (including potentially the standard deduction), and changes related to corporate tax and capital gains, but the abolition of wealth tax was a key proposal mentioned.