- The day is observed by the Income Tax Department of India, which is under the Ministry of Finance and headed by the Central Board of Direct Taxes (CBDT).
- The CBDT organizes various events and activities, such as seminars, workshops, and outreach programs, to raise awareness about income tax and its importance for the nation’s development.
- The Finance Minister Nirmala Sitharaman led the celebrations of Income Tax Day 2023 in Delhi.
- The Income Tax Act of 1922 was the first comprehensive legislation that established a formal structure for tax administration in India.
- The current income tax slab structure for individuals was introduced in the Budget 2023, which simplified the number of tax slabs and extended the standard deduction benefit to salaried class and pensioners.
Question:
Q.1 When was income tax introduced in India by Sir James Wilson?a. 1857
b. 1860
c. 1872
d. 1885
