Published By: Nibandh Vinod
Last Updated: July 23, 2023, 17:00 IST
Income Tax Day is celebrated by a number of outreach programmes and events designed to promote tax payments. (Image: Shutterstock)
Sir James Wilson implemented Income Tax in India on July 24, 1860. Check out history, significance and how to celebrate Income Tax Day 2023.
INCOME TAX DAY 2023: July 24 marked the official adoption of Income Tax Day, also known as Aaykar Diwas, to commemorate the 150th anniversary of this tax in India. This day is celebrated through various outreach programs and events that aim to promote tax payments and educate future taxpayers about the importance of contributing to taxes. By paying our taxes on time, we can contribute to the prosperity of our country. The Income Tax department, headquartered in New Delhi, is responsible for the collection of direct taxes for the Government of India. It reports to the Ministry of Finance’s Department of Revenue and is overseen by the Central Board of Direct Taxes (CBDT).
In the run-up to IT Day 2023, poster making, slogan & essay writing competitions were held in seven department colonies of Mumbai on July 16th. The children of department officials participated with great enthusiasm and showcased incredible talent, creativity, and imagination. @IncomeTaxIndia pic.twitter.com/oHjGIcPbwl— IncomeTaxMumbai (@mumbai_tax) July 20, 2023
Income Tax Day 2023: Why It Is Celebrated On July 24?
Income Tax was implemented in India on July 24, 1860 by Sir James Wilson. It was introduced to compensate the British regime for losses incurred during the Revolt of 1857. After several years, an official structure and department for coordinating tax collection were established in 1922. The Income-tax Act of 1922 introduced a distinct nomenclature for various Income-tax administrations.
In 1939, the act was amended, leading to two major structural modifications. The appellate functions were separated from administrative functions and 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 tax. Former Finance Minister Pranab Mukherjee inaugurated the celebrations, stating that since income tax was first levied in 1860, it is fitting to celebrate this day as the Income Tax Investiture Day.
Income Tax Day 2023: Celebrations
In the week leading up to the event, regional tax offices organize various activities. Outreach programs are conducted across the country to promote tax payment as a social norm and to educate individuals about the ethical duty of paying taxes.
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