Income Tax Day 2024 Date, History and Significance: All You Need To Know About Aaykar Diwas, the Day That Commemorates the Introduction of Income Tax in India

Income Tax Day is celebrated in India on July 24, every year. Income Tax Day is also known as Aaykar Diwas. This year again, we celebrate Income Tax Day 2024 on Wednesday, July 24, 2024. The day marks the introduction of income tax in India. Sir James Wilson, the British Finance Minister of India at the time, introduced the income tax system to raise revenue for the British government. The day is marked by various programmes and events. These events and activities aim to promote tax payments and educate taxpayers about their importance. By paying our taxes on time, we, as citizens, can help our country prosper. The Income Tax Department, located in New Delhi, handles direct tax collection for the Government of India. The Income Tax Department reports to the Ministry of Finance's Department of Revenue. It is overseen by the Central Board of Direct Taxes (CBDT). ITR Filing Last Date Today: Here’s a Step-by-Step Guide on How to File Your Income Tax Return Online as Deadline Nears.

Income Tax Day 2024 Date

Income Tax Day 2024 will be celebrated on Wednesday, July 24, 2024.

Income Tax Day History

On July 24, 1860, Sir James Wilson introduced the concept of income tax in India for the very first time. This was done to recover losses from the First War of Independence in 1857 under British rule. The Income Tax Act of 1922 created a proper framework for direct tax administration in India. In 1924, the Central Board of Revenue was created to oversee the department's functions and responsibilities. Later, in 1963, the Central Board of Direct Taxes (CBDT) was formed under the Central Board of Revenue Act to manage direct taxes. To mark 150 years of income tax in India, Aaykar Diwas or Income Tax Day, was first celebrated in July 2010.

Income Tax Day Significance

Income Tax Day or Aaykar Diwas is important because it marks the beginning of the income tax system in India. The main goal of income tax is to raise money for the government to support welfare and development programmes. The revenue from income tax is used for many purposes, such as funding healthcare and education, building infrastructure, supporting defence, and running social welfare programmes. Paying taxes is seen as a social responsibility and helps improve society. This is why the day is so significant. Income Tax Return Filing: How To Download Form 26AS From Income Tax Website To File ITR.

India's Income Tax Day highlights the importance of every citizen's duty to pay taxes. It is very important for the nation's progress and development. On this day, tax officials from around the country hold events and seminars to educate the public about the significance and benefits of paying taxes. They also encourage everyone to comply with tax laws.

(The above story first appeared on LatestLY on Jul 23, 2024 04:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).