Shri Ravi Agrawal, Chairman of CBDT, highlighted the department’s achievements, including a 17.7% growth in net collections and a 7.5% increase in the number of income tax returns filed by July 31, 2024, compared to the previous year.
On the occasion of the 165th Income Tax Day, the Central Board of Direct Taxes (CBDT) held a grand celebration in New Delhi, with Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, presiding over the event. Union Minister of State for Finance, Shri Pankaj Chaudhary, Secretary Revenue Shri Sanjay Malhotra, CBDT Chairman Shri Ravi Agrawal, and senior government officials also graced the event.
Smt. Nirmala Sitharaman unveiled a special edition “My Stamp” to commemorate the 165th Income Tax Day. In her keynote address, the Union Finance Minister lauded the achievements of the Income Tax Department, including record-breaking tax collections and the success of faceless assessments and appeals. She emphasized the need for a taxpayer-friendly approach, urging the department to ensure that tax notices are simple, clear, and non-threatening.
Smt. Sitharaman also underscored the importance of prompt refunds and fair procedures to encourage voluntary compliance. She highlighted the necessity of adopting global best practices in tax administration, ensuring the department remains both fair and efficient.
The Union Finance Minister acknowledged the growing trust between taxpayers and the department, expressing her gratitude to India’s honest taxpayers. She noted that 58.57 lakh new taxpayers filed their first income tax returns for the assessment year 2024-25, signifying India’s formalizing economy and increasing voluntary tax compliance.
Shri Pankaj Chaudhary, Union Minister of State for Finance, praised the tireless efforts of the Income Tax Department, which he credited with ensuring a transparent and fair tax regime. He acknowledged how the government has used tax revenue to fund crucial projects in areas such as housing, education, healthcare, and infrastructure. Shri Chaudhary also emphasized the significance of widening the tax base and highlighted the role of technology in simplifying tax procedures.
Shri Sanjay Malhotra, Secretary Revenue, complimented the department for its robust tax collection and its increasing reliance on cutting-edge technology, ensuring a smoother compliance process for taxpayers. He pointed out the remarkable growth in India’s revenue, which increased from Rs. 30 lakhs to Rs. 20 lakh crores, alongside a doubling of the tax base and improvements in the tax-to-GDP ratio.
Shri Ravi Agrawal, Chairman of CBDT, highlighted the department’s achievements, including a 17.7% growth in net collections and a 7.5% increase in the number of income tax returns filed by July 31, 2024, compared to the previous year. He emphasized the widespread acceptance of the New Tax Regime, with 72% of returns filed under it, and the notable increase in first-time filers.
The Chairman also spotlighted the department’s global reach, mentioning the operationalization of the 10th Income Tax Overseas Unit in Abu Dhabi, UAE. He underscored the ongoing technological upgrades, including new versions of CPC-TDS, ITBA, and TAXNET projects, and reiterated the department’s commitment to adopting a PRUDENT approach: Professionalism, Responsibility, Data-driven decisions, Empathy in enforcement, non-intrusive tax administration, and a focus on technology and transparency.
During the event, awards for meritorious service and creative excellence were presented, and winners of the all-India slogan writing competition were honoured. Additionally, a film showcasing the department’s technological advancements over the years was featured.
In his closing remarks, Shri H.B.S. Gill, Member, CBDT, thanked the Union Finance Minister and other dignitaries for their presence and encouragement, further motivating the department’s continuous pursuit of excellence in tax administration.
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