Income Tax Day or ‘Aaykar Diwas’ is observed annually in India on 24th July
to commemorate the introduction of the provision of Income Tax (IT) in India in the year 1860.
- The day aims to raise awareness about the significance of taxation and to motivate individuals to contribute to the nation’s development through tax payments.
- 24th July 2023, marks 164th anniversary of IT Day.
Union Finance Minister Nirmala Sitharaman presided over the 164th IT Day celebrations in the presence of Union Minister of State for Finance Pankaj Chaudhary at Plenary Hall, Vigyan Bhawan in New Delhi, Delhi.
History of Income Tax Day:
i.The IT system was introduced on 24th July 1860, by the then Finance Minister of British India, Sir James Wilson.
ii.The scheme was introduced to compensate for the losses incurred by the government during the revolt of 1857.
iii.In 1961, the IT Act-1961 was passed to clearly lay out the framework for the current income tax system in India.
iv.In 2010, the government of India decided to observe the 1st IT Day on 24 July to commemorate the 150th anniversary of the introduction income tax system in India.
Additional information:
i.In 2023, the IT department achieved 3-crore income tax returns (ITRs) milestone days ahead of the deadline surpassing the 2022 target.
ii.As of July 18, 2023, over 3.06 crore ITRs were filed for income earned in the fiscal year 2022-23 and over 1.50 crore e-verified ITRs have been processed.
About Central Board of Direct Taxes (CBDT):
The CBDT is the apex body that heads the IT Department. The IT Department functions under the Department of Revenue, Ministry of Finance.
Chairman- Nitin Gupta
Headquarters- New Delhi, Delhi
Established- 1963
