Published by: Niband Vinod
Last updated: July 23, 2023, 5:00 PM IST
INCOME TAX DAY 2023: July 24 was officially adopted as Income Tax Day or Aaykar Diwas to commemorate 150 years of this tax in India. The day is celebrated through a number of outreach programs and events designed to promote tax payments and educate prospective 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 responsible for collecting direct taxes for the Government of India. It reports to the Revenue Department of the Ministry of Finance and is overseen by a top body known as the Central Board of Direct Taxes (CBDT).
In the run-up to IT Day 2023, competitions for creating posters, slogans and essays were held in seven departments. colonies of Mumbai on July 16. The children of the Civil Servants Department participated with great enthusiasm and showed incredible talent, creativity and imagination. @India Income Tax pic.twitter.com/oHjGIcPbwl— Income TaxMumbai (@mumbai_tax) July 20, 2023
Income Tax Day 2023: Why Is It Celebrated On July 24?
Sir James Wilson introduced Income Tax in India on July 24, 1860. The scheme was introduced to compensate the British regime for losses incurred in the 1857 Rebellion. The practice continued for years before an official structure or department for coordinating tax collection was established in 1922. In addition, the Income Tax Act of 1922 introduced a separate nomenclature for the various tax authorities.
Later, the law was amended in 1939 and two major structural changes were made. The professional functions were separated from the administrative functions and a central charge was introduced in Mumbai (then Bombay).
In 2010, the Ministry of Finance designated July 24 as Income Tax Day to commemorate the introduction of this levy. “Since income tax was first levied as a levy in the year 1860 and the authority to levy that levy came into effect on July 24 of that year, it is proposed that this day be celebrated as the Income Tax Investiture Day,” a Treasury Department official informed of the celebrations in the year 2010, according to a PTI report. The festivities were kicked off by former finance minister Pranab Mukherjee.
Income tax day 2023: celebration
In the week leading up to the event, various activities will be carried out by regional tax offices. Outreach programs are being undertaken across the country to promote tax payment as a standard of value and to inform potential taxpayers that paying taxes is an ethical duty of people.