On the occasion of 164th Income Tax Day celebrations, Finance Minister Nirmala Sitharaman will join the celebration at Plenary Hall, Vigyan Bhawan, New Delhi on Monday. The programme will begin at 6:00 pm today. The day is celebrated every year on 24 July 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 Income Tax department surpassed its previous year milestone target of filing 3 crore ITRs, days before the deadline. This year, the target in income tax return (ITR) filling reached 7 days earlier in the year. Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday.
Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 91 per cent ITRs filed have been e-verified! Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed, the I-T department tweeted.
In 1860, on July 24, Sir James Wilson introduced the concept of income tax for the first time ever in India. This initiative was taken to compensate the loss during the first war of Independence (1857) in the British rule.
In 2010, Aaykar Diwas was celebrated for the first time on July 2010 to acknowledge 150 years of income tax in India. The Income Tax Act 1922 was designed with a proper framework of the direct tax administration in India. In 1924, a statutory body, the Central Board of Revenue was established to monitor functions and responsibilities of the department.
In 1963, a classified Board for direct taxes called the Central Board of Direct Taxes (CBDT) was introduced under the Central Board of Revenue Act, 1963. This day is significant as it marks the establishment of income tax in the nation. Apart from this, the day offers an opportunity to the officials to educate people about the importance of paying income tax and its role for the government to perform varied departmental tasks.
Every year the I-T department celebrates this day in unique ways. The department across the country conducts several activities to mark this special day.
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