Income Tax Day 2024 – July 24

Current Context: Income Tax Day, observed on July 24th annually, commemorates the introduction of income tax in India in 1860 by Sir James Wilson to offset the British losses incurred during the first war of independence.

• It is a day to recognize the significance of income tax as a vital source of revenue for the Indian government and to acknowledge the contributions of income tax officers and taxpayers towards the nation's development.
• The theme for Income Tax Day 2024 is "Celebrating the Contribution of Taxpayers to Nation Building."
• Celebrations often include various events and activities organized by the Income Tax Department to raise awareness about the importance of tax compliance and to promote tax education among citizens.

Question:

1 When is Income Tax Day observed annually in India?

• A) July 14th
• B) July 24th
• C) August 24th
• D) June 24th

Answer: B) Income Tax Day, observed on July 24th annually, commemorates the introduction of income tax in India in 1860 by Sir James Wilson to offset the British losses incurred during the first war of independence.