The Income Tax Department of India will observe Income Tax Day or ‘Aaykar Diwas' on July 24, 2023 to commemorate the introduction of provision of income tax in the country.
Income Tax Day: History
In 1860, on July 24, Sir James Wilson introduced the concept of income tax for the first time ever in India. This initiative was taken to compensate the loss during the first war of Independence (1857) in the British rule.
In 2010, Aaykar Diwas was celebrated for the first time on July 2010 to acknowledge 150 years of income tax in India.
The Income Tax Act 1922 was designed with a proper framework of the direct tax administration in India. In 1924, a statutory body, the Central Board of Revenue was established to monitor functions and responsibilities of the department.
In 1963, a classified Board for direct taxes called the Central Board of Direct Taxes (CBDT) was introduced under the Central Board of Revenue Act, 1963.
Income Tax Day: Significance
This day is significant as it marks the establishment of income tax in the nation.
Apart from this, the day offers an opportunity to the officials to educate people about the importance of paying income tax and its role for the government to perform varied departmental tasks.
Income Tax Day: Celebrations
Every year the I-T department celebrates this day in unique ways. The department across the country conducts several activities to mark this special day.
This year, the department organized essay and slogan writing and postar making competition a few days ahead of the actual day. Children of Mumbai officials participated in this competition and displayed their talent, imagination, and creativity.
This competition was conducted at seven department colonies of Mumbai on July 16.
Source: Twiter
@mumbai_tax
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