Income Tax Department launches HARIT Aaykar initiative on the occasion of the National Unity Day
Tags: National Economy/Finance
The Income Tax Department on the occasion of the National Unity Day has launched the HARIT Aaykar initiative to increase greenery and create micro forests. National Unity day is observed in India on 31 October to commemorate the birthday of the first Home Minister and Deputy Prime Minister of Independent India Sardar Vallabah Bhai Patel.
Under the HARIT (Hariyali Achievement Resolution by Income Tax) initiative, the Department resolves to increase the green cover by planting trees and creating micro-forests in and around the Income Tax Department's buildings and other public areas.
Income Tax in India
Income tax is a direct tax which is imposed on the income of an Individual or Corporates.
It was first imposed in India on 24 July 1860.The first income tax was imposed in India in 1860 by Sir James Wilson.
Income Tax day is observed every year on 24 July .
When the Income Tax Act 1922 was introduced it laid a proper framework for the direct tax administration in the country. After Independence the Income Tax act 1961 consolidated and replaced the 1922 Act.
It is applicable all over India. Sikkim was brought under the Income Tax act 1961 in 1989 and Jammu and Kashmir was brought under the act in 2019.
Tax administration Structure in India
In 1924, the Central Board of Revenue was constituted as a statutory body with functional responsibilities for administering the Income Tax Act.
In 1963, the Central Board of Revenue was bifurcated, and a separate Board for Direct Taxes known as Central Board of Direct Taxes (CBDT) was constituted under the Central Board of Revenue Act, 1963.
Who can levy Income Tax in India?
Income tax is levied by the central government on the income of a person or a company as specified by the Income Tax act.
However Income tax on agricultural income is levied by the respective state government.
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