- Every year on 24 July, Income Tax Day is celebrated.
- It is celebrated to spread awareness around the importance of taxes and encourage more and more people to pay taxes for the development of the nation.
- This year, the 165th Income Tax Day was celebrated.
- On 24 July 1860, Sir James Wilson introduced income tax in India to compensate the British government for the losses incurred at the time of the First War of Independence in 1857.
- In 2010, Income Tax Department decided to mark 24 July as Income Tax Day.
- Income Tax Department works under Department of Revenue of the Ministry of Finance. It is headed by Central Board of Direct Taxes (CBDT). Income tax is a direct tax.
- Personal income tax collections including STT had risen to an impressive ₹12.01 lakh crore by 2023-24 (provisional till April 21, 2024).
Central Board of Direct Taxes
- It is a statutory body under the Central Revenue Act, 1963. It is the administrative body of the Income Tax department.
- It deals with matters related to levy and collection of direct taxes like personal income tax, corporate tax, etc.
- Its headquarters are in New Delhi.
- Current Chairman: Ravi Agrawal