A new comprehensive Income Tax bill will be drawn up by the next fiscal end to clean up complex and archaic laws, Finance Minister P Chidambaram said on Friday.
"I will introduce a brand new Income Tax bill before next fiscal end. A number of provisions and exemptions need to be cleaned up," he said at a post-budget meeting with apex industry chamber CII.
He also proposed a system through which government can get production data and excise liabilities on a daily basis through an online system.
"There are about 80,000 excise assessees who pay about 90 per cent of the excise duty. What I want is all these 80,000 asseesees to file everyday the production data and excise liability online," he said.
The companies need not pay the excise duties everyday but it would be convenient for the excise department to get the information about production data and excise liabilities on a daily basis.