Income Tax Day 2023: Why is July 24 Celebrated As Aaykar Diwas? Date, History and Theme – Each year, Income Tax Day or Aaykar Diwas is marked on July 24 to commemorate 150 years of this tax in India. On this day, various programs and events are held to promote tax payments and educate future taxpayers about the importance of tax payments. The Income Tax Department headquarters is located in New Delhi and 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).
Income Tax Day 2023: Why It Is Celebrated On July 24?
Sir James Wilson executed Income Tax in India on July 24th, 1860 to recompense the British regime for losses sustained during the Revolt of 1857. Also, the Income-tax Act of 1922 presented a distinct nomenclature for the several Income-tax administrations.
In 1939, the act was amended with two major structural modifications. The appellate functions were isolated from administrative functions and a central charge was introduced in Mumbai.
In 2010, the Finance Ministry decided to celebrate July 24 as Income Tax Day to commemorate the establishment of this levy.
Why is Income Tax Day celebrated in India?
In order to mark the introduction of the provision of income tax in the country, The Income Tax department celebrates July 24 every year as Income Tax Day or ‘Aaykar Diwas’.
Which day is the income tax celebration?
India’s Income Tax Day is marked each year on July 24 to commemorate the introduction of income tax in India on the same day in 1860.
When was income tax levied in India first time?
Sir James Wilson (British India’s first finance minister) introduced the first Income-tax Act in February 1860.
What is the last date for ITR 2023?
Income Tax Return Filing 2023-24: The last date to file an Income Tax Return for the financial year 2022-23 is July 31, 2023.