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July 24th: Income Tax Day

  • 24 Jul 2024

Income Tax Day, also known as Aaykar Diwas, is celebrated by Income Tax Department every year on July 24.

  • The day is celebrated on July 24 as it was on this day in 1860 when Sir James Wilson introduced income tax for the first time in India.

Key Points

  • The step was taken to compensate the British government for the losses incurred during the First War of Independence in 1857.
  • The first Income Tax Day in India was celebrated on 24th July 2010.
  • The day provides 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.

Tax System in India

  • It was the comprehensive Income-tax Act of 1922 that truly established a structured tax system in the country.
  • This Act not only formalized various income tax authorities but also laid the foundation for a systematic administration framework.