July 24 is a significant date in India’s fiscal history, marked annually as Income Tax Day or ‘Aaykar Diwas,’ commemorating the introduction of income tax in the country. Back in 1860, Sir James Wilson initiated the concept of income tax as a measure to offset the losses incurred during the first war of independence.
The 163rd anniversary of Income Tax Day holds special importance, serving as a reminder of the nation’s journey in levying income tax since its inception. On this auspicious occasion, the Central Board of Direct Taxes (CBDT) takes the lead in organizing a series of events and activities, including seminars, workshops, and outreach programs, to raise awareness about income tax and its significance in the country’s financial landscape.
Furthermore, the CBDT issues a commemorative postage stamp to mark the occasion and underscore the historical significance of income tax in India.
In the days leading up to Income Tax Day, regional offices of the Income Tax department actively engage in outreach programs across the country. These initiatives aim to promote tax payment as a value norm, emphasizing that paying taxes is not merely a legal obligation but also an ethical duty of responsible citizens.
Originally celebrated for the first time on July 24, 2010, to commemorate 150 years of income tax in India, the tradition of ‘Aaykar Diwas’ has since become an annual celebration of the country’s tax system and its importance in supporting the nation’s development and welfare.
Headquartered in New Delhi, the Income Tax department operates under the Department of Revenue in the Ministry of Finance and is led by the apex body, the Central Board of Direct Taxes (CBDT). The CBDT, established in 1924, functions as a statutory authority under the Central Board of Revenue Act, 1963, and plays a pivotal role in matters concerning the levy and collection of direct taxes.
On this momentous occasion, as the nation observes the 163rd Income Tax Day, it stands as a testament to the responsible and committed citizens of India, affirming their dedication to contributing to the nation’s progress by fulfilling their tax obligations with honesty and diligence.