Income Tax Day 2023: Finance Minister Nirmala Sitharaman To Lead Celebrations Today

The day is celebrated every year on July 24 to spread awareness around the importance of taxes and encourage more and more people to pay taxes for the development of the country

This year, the I-T department surpassed its previous year milestone target of filing 3 crore ITRs, days before the deadline.

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Union Finance Minister Nirmala Sitharaman will join the celebrations on account of 164th Income Tax Day at Plenary Hall in Vigyan Bhawan on Monday. The day is celebrated every year on July 24 to spread awareness around the importance of taxes and encourage more and more people to pay taxes for the development of the country. The programme will begin at 6:00 pm on Monday.

“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," tweeted Ministry of Finance on Monday.

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, 2023

This year, the Income Tax (I-T) department surpassed its previous year milestone target of filing 3 crore ITRs, days before the deadline. This year, the target in income tax return (ITR) filling reached 7 days earlier in the year. Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday.

"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 per cent ITRs filed have been e-verified! Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed," the I-T department tweeted.

Meanwhile, the I-T department has been cracking down on salaried individuals lately for submitting false or incorrect income tax returns (ITRs). From submitting fake rent receipts in the name of relatives, false donations, exaggerated claims against loans, and many more unethical methods to evade tax, the IT department has flagged all such returns, as per a recent report. While it was relatively easier to dodge the I-T department earlier, now it is using a new AI software to help catch these lies in the process,  as reported by Economic Times on Saturday.