163rd Income Tax Day celebrated on 24th July

163rd Income Tax Day celebrated on 24th July

On 24 July, 2022, the 163rd Income Tax Day has been celebrated in the Central Board of Direct Taxes and

all its regional offices across the country. Income tax was introduced for the first time in India by Sir James Wilson on 24 July 1860 to compensate for the loss

caused to the British rule during the First War of Independence. 

In the year 1963, through the 'Central Board of Revenue Act, 1963', two institutions under the Department of Revenue of the Union Ministry of Finance - the

Central Board of Direct Taxes and the Central Board of Excise and Customs) were formed; both these bodies are 'Statutory Body'.

The CBDT administers the laws relating to direct taxes with the help of the Income Tax Department, along with providing important inputs on policies and schemes relating to direct taxes. At the same time, CBEC is the nodal agency responsible for the administration of Custom Duty, Central Excise Duty, Service Tax and Narcotics in India.