Contributing to the economic development of the country, India is witnessing its 164th Income Tax Day! On the occasion of the day, the finance minister Nirmala Sitharaman will join the celebration at the Plenary Hall, Vigyan Bhawan in New Delhi at 6 pm.Union Finance Minister Smt. @nsitharaman will preside over the 164th Income Tax Day celebrations in the presence of Union Minister of State for Finance Shri @mppchaudhary, tomorrow, 24th July 2023, from 18.00 Hours IST onwards at Plenary Hall, Vigyan Bhawan, New Delhi.… pic.twitter.com/HumozpwB8x— Ministry of Finance (@FinMinIndia) July 23, 2023Let us reassert our dedication to fostering the progress and prosperity of our nation by meeting our tax responsibilities.As we celebrate the 164th Income Tax Day today, let us take a trip down memory lane to look at the journey of Income Tax in India.Origin of Income Tax in India 👇#IncomeTaxDay #KnowYourIncomeTaxDepartment pic.twitter.com/5aZoDjJV0M— Ministry of Finance (@FinMinIndia) July 24, 2023According to the information, the day is celebrated every year on July 24 to spread awareness about the importance of taxes and to encourage more people to pay taxes for the development of the nation.As we celebrate the 164th Income Tax Day today, let us take a trip down memory lane to look at the journey of Income Tax in India.Origin of Income Tax in India 👇#IncomeTaxDay #KnowYourIncomeTaxDepartment pic.twitter.com/5aZoDjJV0M— Ministry of Finance (@FinMinIndia) July 24, 2023Over 3 crore ITRs filed so far: Tax departmentAccording to the data released by the income tax department on Wednesday, July 19, over 3 crore ITRs for income earned in the 2022-23 fiscal have been filed so far, out of which 91% have been verified electronically.Taking it to Twitter, the department expressed gratitude to the taxpayers, “Grateful to our taxpayers & tax professionals for having helped us reach the milestone of 3 crore Income Tax Returns (ITRs), 7 days early this year, compared to the preceding year!”Adding to this, “Over 3 crore ITRs for AY 2023-24 have already been filed till 18th of July this year as compared to 3 crore ITRs filed till 25th of July last year. Out of the 3.06 crore ITRs filed till 18th July 2023, 2.81 crore ITRs have been e-verified i.e. more than 91% ITRs filed have been e-verified! Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed! So, we hope to keep up the momentum and urge all those who havent filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last minute rush.”Grateful to our taxpayers & tax professionals for having helped us reach the milestone of 3 crore Income Tax Returns (ITRs), 7 days early this year, compared to the preceding year! Over 3 crore ITRs for AY 2023-24 have already been filed till 18th of July this year as compared… pic.twitter.com/jcGyirW2wa— Income Tax India (@IncomeTaxIndia) July 19, 2023Taking it to Twitter, the department has shared some of the milestones. Here are some benefits of Simplified Tax RegimeNew Tax Regime (NTR): Introduced in 2023-24, this provides a full rebate of tax for persons having income up to ₹7 lakh.Reduced corporate tax: A globally competitive rate of 15% has been made available to newly incorporated companies who start manufacturing before 31.3.2024 under section 115 BAB of the Income Tax Act, 1961. Similar rates for new manufacturing cooperatives.Exempt of Senior Citizens: Section 194P inserted in the Income-tax Act, 1961 excepting senior citizens above 75 years of age, having only pension and interest income (with specified conditions) from filing ITR.On the occasion of 164th Income Tax Day, let us take a look at some of the milestones achieved by the Income Tax Department@IncomeTaxIndiaBoost in Revenue Collection 👇 #IncomeTaxDay pic.twitter.com/eiaDH1xon9— PIB in Jammu Kashmir & Ladakh (@PIBSrinagar) July 24, 2023
