Income Tax Day 2025 – July 24

Current Context: Income Tax Day 2025 was celebrated on July 24, marking 166 years since the introduction of income tax in India by Sir James Wilson in 1860.

• This year’s theme was “Responsible Taxation. Resilient Nation”, highlighting the role of taxation in nation-building and digital transformation.

Key Highlights

• New Income Tax Bill 2025: Aimed at simplifying the Income Tax Act, 1961 by removing obsolete provisions and enhancing clarity.
• Record ITR Filings: Over 9.19 crore returns filed in FY25, a 36% increase from FY21.
• Gross Direct Tax Collections: Touched ₹27.02 lakh crore, more than doubling in five years.
• Initiatives like TIN 2.0, AIS, TIS, and e-Verification Scheme enhanced transparency and taxpayer convenience.

Question:

Q.1 What was the theme of Income Tax Day 2025?
a) Responsible Taxation. Resilient Nation
b) Taxpayer is Nation Builder
c) Building a Tax-Powered India
d) Digital India, Tax Compliant India

Answer: a) This year’s theme was “Responsible Taxation. Resilient Nation”, highlighting the role of taxation in nation-building and digital transformation.