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Income Tax Day - July 24
July 27 , 2022
896 days
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- This date was chosen because income tax was first levied as a duty in India in 1860 on this very day.
- In 2010, the I-T department for the first time decided to celebrate this day to mark 150 years of levy of the tax.
- This year, it will be the 162nd occasion of National Income Tax Day.
- The first income tax was imposed in India in 1860 by Sir James Wilson.
- The Income Tax Act 1922 was introduced it laid a proper framework for the direct tax administration in the country.
- In 1924, the Central Board of Revenue was constituted as a statutory body with functional responsibilities for administering the Income Tax Act.
- In 1963, the Central Board of Revenue was bifurcated, and a separate Board for Direct Taxes known as Central Board of Direct Taxes (CBDT) was constituted under the Central Board of Revenue Act, 1963.
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