24/07/2021
On July 24, 1860, income tax was introduced in India by Sir James Wilson to compensate the British government for the losses incurred during the First War of Independence in 1857.
I-T department decided in 2010 to mark July 24 as the day for the annual celebration to mark 150 years of this levy from that year onwards.
Income tax was first levied as a duty in the year 1860 and the authority to levy that duty came into force on July 24 of that year.
The week preceding the Aaykar Diwas is marked by various activities undertaken by the regional offices of the I-T department across the country. Several outreach programmes are usually organized every year across the country to promote the payment of taxes as a value norm and for sensitizing potential taxpayers that payment of taxes was an ethical duty of all citizens.
GST or Goods and Services Tax was introduced in July 2017 and is a gigantic tax reform in the Indian economy. Before implementation of Goods and Service Tax (GST), Indian taxation system was a farrago of central, state and local area levies. By subsuming more than a score of taxes under GST, road to a harmonized system of indirect tax has been paved making India an economic union.
