Answer: 24 July
Notes: India celebrates Income Tax Day on 24th July 2025, marking the 166th anniversary of the introduction of income tax in 1860 by Sir James Wilson to manage post-1857 war expenses. This day honours the evolution of India’s tax system and its role in nation-building. The tax system progressed from the Income Tax Act of 1922 to the comprehensive Income Tax Act of 1961. Major reforms began with Permanent Account Number (PAN) in 1972, followed by computerization in 1981 and the new PAN series in 1995. The Income Tax Bill 2025 has been tabled to replace the 1961 Act, aiming to simplify language, remove outdated clauses, and enhance clarity.
