Sir James Wilson implemented Income Tax in India on July 24, 1860. Check out history, significance and how to celebrate Income Tax Day 2023.
Read More:-Crush Financial Anxiety: Check Expert Tips On How To Take Control Of Your Money!
INCOME TAX DAY 2023: July 24 was officially adopted as the Income Tax Day or Aaykar Diwas to commemorate 150 years of this tax in India. The day is celebrated by a number of outreach programmes and events designed to promote tax payments and educate future taxpayers about the importance of tax payments. We as citizens can help our country prosper by paying our taxes on time. The Income Tax department, headquartered in New Delhi, is in charge of direct tax collection for the Government of India. It reports to the Ministry of Finance’s Department of Revenue and is overseen by an apex body known as the Central Board of Direct Taxes (CBDT).
Read More: PhonePe Records $1 Trillion In Annual TPV Run Rate, Gets RBI’s In-Principle Nod for PA Licence
Income Tax Day 2023: Why It Is Celebrated On July 24?
Sir James Wilson implemented Income Tax in India on July 24, 1860. The scheme was introduced to recompense the British regime for losses sustained during the Revolt of 1857. The practice lasted for years before an official structure or department for coordinating tax collection was established in 1922. Furthermore, the Income-tax Act of 1922 introduced a distinct nomenclature for the several Income-tax administrations.
Later, the act was amended in 1939, and two major structural modifications were made. The appellate functions were separated from administrative functions as well as a central charge was introduced in Mumbai (then Bombay).
In 2010, the Finance Ministry declared July 24 as Income Tax Day to commemorate the establishment of this levy. “Since income tax was first levied as a duty in the year 1860 and the authority to levy that duty came into force on July 24 of that year, it is proposed to celebrate this day as the Income Tax Investiture Day,” a finance ministry official informed about the celebrations in the year 2010, according to a PTI report. The festivities were kicked off by former Finance Minister Pranab Mukherjee.
Read More:-‘High Tomato Price Periods Are Short-Lived’: RBI Shares 5 Facts About Tomato Rates
Income Tax Day 2023: Celebrations
Several activities are carried out by regional tax offices in the week preceding the event. Across the country, outreach programmes are undertaken to promote tax payment as a value norm and to inform potential taxpayers that paying taxes is an ethical duty of people.
For breaking news and live news updates, like us on Facebook or follow us on Twitter . Read more on Latest Business and Horoscope News on OfficeNewz.com.
