India observes Income Tax Day (Aaykar Diwas) on July 24 every year. In 2026, it marks the 166th anniversary of the introduction of income tax in India on July 24, 1860, by Sir James Wilson, British India's Finance Member, to fill the financial deficit caused by the 1857 Sepoy Mutiny. The Central Board of Direct Taxes (CBDT) organises the annual event. Key 2026 highlights: India's new Income-Tax Act 2025 (effective from FY2025-26) replaced the Income-Tax Act 1961; FY2025-26 net direct tax collection (income tax + corporate tax) reached a record ₹22.07 lakh crore; CBDT Chairman Ravi Agrawal's tenure was extended till December 31, 2026.
India
Income Tax Day 2026 (July 24): 166th Anniversary of Income Tax in India; New Income-Tax Act 2025 Now Effective; FY26 Record ₹22.07 Lakh Crore
Key Points
- India observes Income Tax Day (Aaykar Diwas) on July 24 every year
- In 2026, it marks the 166th anniversary of the introduction of income tax in India on July 24, 1860, by Sir James Wilson, British India's Finance Member, to fill the financial deficit caused by the 1857 Sepoy Mutiny
- The Central Board of Direct Taxes (CBDT) organises the annual event
- Key 2026 highlights: India's new Income-Tax Act 2025 (effective from FY2025-26) replaced the Income-Tax Act 1961; FY2025-26 net direct tax collection (income tax + corporate tax) reached a record ₹22.07 lakh crore; CBDT Chairman Ravi Agrawal's tenure was extended till December 31, 2026
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• Income Tax Day (Aaykar Diwas): July 24 (annual); 166th anniversary in 2026 • Income tax introduced: July 24, 1860 by Sir James Wilson (British India Finance Member) • New Income-Tax Act 2025: effective from FY2025-26; replaces Income-Tax Act 1961 • FY26 net direct tax: ₹22.07 lakh crore (record high); CBDT Chairman: Ravi Agrawal
