CURRENT AFFAIRS

Detailed explanation-1: -The Central Board of Direct Taxes (CBDT) observed the 162nd Income Tax Day (also known as Aaykar Diwas) on 24 July 2022. The purpose of this tax was to compensate for the losses incurred by the British regime during the first war of independence against British Rule in 1857. The day was first celebrated in 2010.

Detailed explanation-2: -The first Income Tax Day was celebrated on July 24, 2010. The Income Tax department observes July 24 every year as Income Tax Day or ‘Aaykar Diwas’, to commemorate the introduction of provision of income tax in the country. On July 24, 1860, Sir James Wilson introduced income tax for the first time in India.

Detailed explanation-3: -Central Board of Revenue bifurcated and a separate Board for Direct Taxes known as Central Board of Direct Taxes (CBDT)constituted under the Central Board of Revenue Act, 1963. For the first time an officer from the department became Chairman of the CBDT w.e.f. 1-1-1964.

Detailed explanation-4: -The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963. The officials of the Board in their ex-officio capacity also function as a Division of the Ministry dealing with matters relating to levy and collection of direct taxes. Historical Background of C.B.D.T.

Detailed explanation-5: -Up to Rs 2, 50, 000 income - NIL tax rate. Rs 2, 50, 001 - Rs 5, 00, 000 income - 5% tax rate. Rs 5, 00, 001 - Rs 10, 00, 000 income - 20% tax rate. Above Rs 10, 00, 000 income - 30% tax rate.